Egypt's real gross domestic product (GDP) reached 4.2% in the elapsed fiscal year (FY) 2022/2023, Finance Minister Mohamed Maait announced on July 19th. Revenues achieved an annual growth of about 12.5% year on year (YoY), while tax revenue climbed by 23.1% on an annual basis. Egypt has recorded a primary surplus of EGP 164.3 billion, equivalent to 1.7% of GDP, as per the initial indicators of the financial performance for FY 2022/2023. Subsidies for food commodities rose to EPG 129.7 billion, and treasury-financed investments increased by about 15%, reaching EGP 228 billion. The Finance Minister said that the preliminary financial performance of the last financial year is reassuring, despite the challenging situation of the global economy.

Source: The North Africa Journal July 24, 2023 07:59 UTC