- Egypts trade deficit increases
- Exports stood at E£14bn in April
Egypts trade deficit reached E£24.6bn ($3bn) in April, according to a statement released by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on 21 July.
The latest figures show an increase of 52 per cent compared with the same period last year when the trade deficit sat at £E16bn ($2bn).
Exports stood at £EP14bn in April, which is an 18.9 per cent contraction from £E17.3bn recorded in the same period last year, CAPMAS revealed.
This decline was largely driven by a reduction in the value of key exported products such as petroleum products, plastics and potatoes, which all declined by 52 per cent, 35 per cent and 17 per cent respectively.
Egypts new budget, which was approved on 21 June, says it will reduce the countrys deficit from 10.8 per cent in the current fiscal year to 9.9 per cent of GDP in 2015/16.
The budget also projects a significant increase in social welfare programmes, with 49 per cent of the budget allocated for social spending. The government aims to spend $56bn on social welfare, which is a 12 per cent increase on the current fiscal year.
Growth has been projected at 5 per cent, which is a slight increase from 4.2 per cent this year.
Public revenues will increase by 26 per cent to reach $80.3bn, but expenditure is expected to hit $116bn, which is up 20 per cent.