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Egypt GDP growth for fiscal 201718 revised up to 5.3-5.5%: Minister

Saturday 13/January/2018 - 05:21 PM
Sada El Balad
edited by Hassanein Tayea
Egypt has revised its GDP forecast for the 2017-18 fiscal year beginning in July up to 5.3-5.5 percent، from 4.8 percent previously، Planning Minister Hala al-Saeed said on Saturday.
In 2017، real GDP growth for Egypt was 4.1 %. Though Egypt real GDP growth fluctuated substantially in recent years، it tended to decrease through 1998 - 2017 period ending at 4.1 % in 2017، Reuters reported.

Saeed said the economy is expected to have grown 5.2-5.3 percent during the second quarter of the current fiscal year، which ended in December. The economy is expected to grow by 6 percent in the next fiscal year، she added.

Egypt’s economy has struggled since a 2011 uprising drove tourists and foreign investors away، two main sources of hard currency، but the government hopes that IMF-backed reforms it has embarked on over the past year will put it back on track.

Egypt's economy has been struggling since a 2011 Revolution drove foreign investors and tourists away.

The government hopes a $12 billion International Monetary Fund loan programme، which includes a package of economic reforms، will put the country on the right track.

Foreign investment appetite has grown since the country floated its currency in November as part of the IMF agreement.

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