The budget deficit has hit 191.6 billion pounds in the period from July 2015 to January 2016, the Egyptian Finance Ministry said on Wednesday.

The deficit, according to a ministry report, accounts for 6.8 percent of the Gross Domestic Product.

State revenues increased during the same period to reach 223.6 billion pounds against 186.7 billion pounds in the same period of the previous fiscal year, according to the report.

Expenditures also increased by 20.2 percent during the same period hitting 405.2 billion pounds compared to 337.1 billion pounds in the same period of the past fiscal year.