Egypt’s Ministry of Finance (MoF) announced that the state’s budget deficit has surged by 14.2% year-on-year (Y-o-Y) in the first eight months of FY 2017-18, Invest-Gate reports.

In a report issued by MoF, the deficit registered EGP 258.9 bn in the eight-month period from July 2017 until February 2018 – 6% of the gross domestic product (GDP) – compared to EGP 226.6 bn (6.5% of GDP) in the year-ago period as revenues increased quicker than expenditures, reflecting the financial reforms that have been initiated during the past two years.

Meanwhile, Egypt’s total revenues from July 2017 to February 2018 amounted to EGP 430.7 bn (10% of GDP), whilst expenses logged EGP 687.9 bn (16% of GDP) in the same period, the report adds.

The MoF reveals in its report that the targeted deficit for FY 2018-19 budget is estimated to reach about 8.4% of the GDP (nearly EGP 438.6 bn), versus 10.9% in FY 2016-17, in addition to, achieving a primary surplus of 2% of the GDP.