State revenues jumped by 31 percent during the first half of the fiscal year 2012/2013, reaching LE153 billion as compared to LE116.6 billion in the first half of 2011/2012.
The boost came after tax revenues were raised by 39.3 percent, and non-tax revenues by 13.4 percent.
A report by the Finance Ministry said that the total state budget deficit increased to LE91.5 billion, equal to 5.1 percent of the GDP, during the first half of 2012/2013. This is up from LE73.8 billion for the same period last year.
The deficit to GDP has gone down, according to the report, reaching 1.8 percentage points during these 6 months, compared to 1.9 percentage points during the same period last year.
The total annual inflation rate, however, rose to 4.7 percent last December, from 4.1 percent in the month before.
The Finance Ministry's report attributed the overall rise in tax revenues to an increase in income taxes by 53 percent in the past six months, reaching LE49.8 billion. The same period last year saw earnings of LE32.6 billion in income tax revenues.
Total expenses went up by 28.4 percent during the first half of 2012/2013 to reach LE243.5 billion, significantly up from LE189.7 billion for the same period last year.
The report attributed the increase to a rise in subsidies, grants and social benefits by 38.3 percent during these 6 months, reaching LE78.7 billion as compared to LE56.9 billion in the first half of the previous year.
