The state/budget deficit decreased by 1.1% in the first quarter, as total revenue declined

The state/budget deficit decreased by 1.1% in the first quarter, as total revenue declined

According to the financial situation report (Situfin) issued by the Ministry of Finance (MH), As of March 2023, there was a deficit of 3337.3 billion pounds sterling, which is about 464.2 million US dollarsWhich represented -1.1% of GDP, compared to the same period in the previous year. Similarly, a negative operating result of EGP 1,825.7 billion was recorded. This is equivalent to 253.9 million US dollars, which is -0.6% of GDP.

The report indicated that total revenues decreased by 1%. Likewise, he stated that these reached 8.8 billion, while in 2022 they reached 8.9 billion. In detail, a Binary companies grew by 5.8% and tax revenues by 4.3%, on the other hand, other non-tax revenues decreased by 25.5%.

Mandatory expenses increased by 14.8%. It reached 10.6 trillion G. so far in 2023 compared to 9.2 trillion G. in 2022. Primarily, there were social benefits that rose to 25%, donations to 25%, benefits 16.5%, the use of goods and services grew 36.3% and Employee wages increased to 4.9%.

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Regarding public investment, they indicated that – An implementation level of EGP 1.517 trillion, $210.2 million, was recorded, with a decrease of 7.7%.It represents 0.5% of the GDP. Likewise, they considered that it seeks to maintain strategic investment aimed at economic recovery, in line with the goal of financial convergence.

As they explained it Social contributions decreased by 65.4% In the first quarter of the year compared to the same period in 2022. In the first three months of this period, it amounted to 277.2 billion pounds, while in the previous year it reached 800.6 billion pounds between January and March. Donations increased by 21.9% and tariffs, fees and fines increased by 7.5%.

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