Government net lending/borrowing in Egypt

Egypt's government deficit is the negative balance of the public accounts when spending exceeds revenue in a given year; when revenue exceeds spending there is a surplus. It is usually expressed as a percentage of GDP.

It is computed as the difference between government revenue and expenditure over the fiscal year, following the official budget accounts and IMF public-finance standards, with the result expressed relative to GDP. It is an annual figure.

The deficit drives the government's borrowing needs and the path of public debt. In Egypt, with a heavy interest burden, it is a key benchmark for IMF programmes, debt sustainability and the assessment of markets and rating agencies.

It is a low-frequency figure subject to revision. It is worth distinguishing the overall balance from the primary balance, which excludes debt interest and in Egypt is often positive, and noting that it refers to the fiscal year, which differs from the calendar year.