Lebanon's budget deficit expanded by 42% y/y to LBP 2.446tn (USD 1.6bn) in the first five months of 2013 as a mild increase in revenue was offset by higher spending growth, the Daily Star reported on Sept 5 citing data from the finance ministry. The latter has not released an official breakdown yet.
Total proceeds, including tax and non-tax income, increased 2.3% y/y to LBP 6.313tn. Spending rose 11.0% to LBP 8.750tn in January-May. The budget reported a LBP 30bn primary surplus at end-May compared with a LBP 720bn surplus the year before.
Income tax proceeds reportedly climbed 22% y/y in January-May, helping offset a 3.6% drop in VAT revenue. Taxes from property transactions and inheritance fell 12% y/y over the period.
Related Articles
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four offshore blocks in the Red Sea, according to Al Youm Al Sabea, ... more
BP expands gas output in Egypt’s West Nile Delta with new well start-up
British energy major BP (LSE, NYSE:BP) has started up the RW5 gas well in Egypt’s West Nile Delta (WND) project, adding around 80mn cubic feet per day of additional supply, Al Mal reported on ... more
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more