Cabinet reviews results of first quarter of 20172018 fiscal year
Wednesday 22/November/2017 - 07:08 PM
The Cabinet reviewed a report on the results of the first quarter of 20172018 fiscal year. The report added that preliminary deficit has decreased reaching 0.1% of the Gross Domestic Product (GDP) compared to 0.9% in the first quarter of the previous year.
The results showed a preliminary surplus estimated at 0.2% of the GDP for the first time. The first quarter witnessed a marked improvement in the control of the budget deficit، which fell to 1.9% of GDP compared to 2.2% in the first quarter of the previous fiscal year. The annual revenue growth rates improved by 33% during the first quarter، exceeding the growth rate of the general expenses estimating at 23% compared to the same quarter of the previous year. These positive results are due to the improvement of the economic activity and the continuation of the implementation of economic reform programs by the government.
The report pointed out to the noticeable improvement in a number of indicators during the first quarter، including increasing government investments and the expansion of the implementation of the reform of measures.
Egypt’s gross domestic product growth in the first quarter of the 20172018 financial year climbed to 5.2 percent from 3.4 percent the previous year، the planning minister said on Wednesday.
The country expects an economic growth rate of between 5 and 5.25 percent in the current fiscal year ending in June 2018، Finance Minister Amr El Garhy has said previously.