Egypt's GDP Fell by $8.66 Billion

  • Cairo, Arab Republic of Egypt
  • 10 June 2020

Egyptian Finance Minister Mohamed Maait revealed that the GDP fell by 130 billion pounds (8.66 billion dollars), under the pressure of the Corona crisis during the current fiscal year.

The fiscal year starts in Egypt at the beginning of July until the end of June of the following year, according to the country's budget law.

In mid-April, the World Bank announced that the Egyptian economy was the least affected by the Corona pandemic among the economies of the region, and expected growth during the crisis of 3.7 percent year on year.

Maait explained that the targeted growth rate during the current fiscal year declined from 6 to 4 percent. Pointing out that public tax and non-tax revenue decreased by 124 billion pounds ($8.26 billion).

He added that the total additional amounts allocated by the government to support the health sector, and to support the sectors and groups most affected since the beginning of the pandemic so far amounted to 63 billion pounds (4.2 billion dollars).

The number of new infections with the Coronavirus in Egypt reached 35,444, and 1,271 deaths, according to data announced by the Ministry of Health. The Egyptian authorities have faced severe criticism, including from the World Health Organization, for its late engagement with the pandemic and the lack of transparency in the dissemination of information about the epidemic.

Source (Anatolia Agency, Edited)