The Egyptian government expects the country’s gross domestic product (GDP) growth rate to drop to 4.0% in the coming fiscal year (FY) 2024/2025, down from the 4.1% projected for the current FY, according to the FY2024/2025 Preliminary Budget Report released by the Ministry of Finance.

It also forecasts the annual headline inflation to hit an average of 18.1% in FY 2024/2025.

The budget deficit is expected to widen to 7.27% next FY from 6.96% in FY 2023/2024 budget and 6.04 in FY 2022/2023%.

Furthermore, the budget for FY 2024/2025 targets achieving a primary surplus of 3.5% of GDP. The government’s forecast of 2.5% for the current fiscal year remains unchanged.

Total revenues are forecasted to climb by 36% year on year (YoY) in the coming FY to reach up to EGP 2.625 trillion.

Non-tax revenues are expected to hit around EGP 600 billion in the next FY, recording nearly EGP 600 billion.

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