Cairo – Mubasher: Egypt’s overall budget deficit declined by 1.40% of gross domestic product (GDP), reaching around 3.28% during the July-November 2024 period.
This is compared to 4.66% of GDP during the same period in fiscal year (FY) 2024/2025, according to the Finance Ministry.
Moreover, the primary balance surplus increased by EGP 109 billion, marking 0.60% of GDP at the end of November 2024.
On her part, Rania El-Mashat, Minister of Planning, reviewed the implementation of the FY23/24 economic plan that aligned with the state’s comprehensive and sustainable development goals.
Total investments executed during FY23/24 reached EGP 1.62 trillion, marking a 5.80% year-on-year (YoY) growth, with 98.50% of the planned EGP 1.65 trillion achieved.
The fiscal year ended with a slowdown in Egypt's real GDP growth to 2.40%, down from 3.80% in FY22/23.
El-Mashat attributed the decline to external shocks, economic challenges, and geopolitical tensions that negatively impacted key sectors, including the Suez Canal, the oil and gas extraction sector, and manufacturing industries.
