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Friday, 24 May 2019

Egypt expects 5.8 pct economic growth in Q4

Reuters , MENA , Wednesday 8 May 2019
 El-Saeed
File Photo: Egypt's Planning minister Hala El-Saeed (Photo: Al-Ahram)
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Egypt’s economy is expected to grow at 5.8 percent in the fourth quarter of the 2018/19 financial year, the Planning Minister Hala El-Saeed said in a statement on Wednesday.

The country registered economic growth estimated at 5.6 percent in third quarter of 2018-19, compared to 5.4 percent the year before, the statement said. 

In an earlier statement, El-Saeed said that the decline of the monthly inflation rate to 11.1 percent in December 2018, the lowest in 33 months – since 2016 – is among the positive indicators combined with the notable retreat of the average inflation rate in the first half of 2018/19 to record 14.1 percent compared to 30.2 percent in the same corresponding period of 2017/18.

Egypt's national economic and social reform programme mainly targeted attaining inclusive and sustainable growth through undertaking structural reforms for several sectors, namely the sector of power through rationalising subsidy and chiefly directing it to those who need it most, a statement by the planning ministry quoted the minister as saying.

She pointed out to the parcel of legislative and institutional reforms implemented by the government – to enhance the competitive abilities and retain the trust of investors – like the liberalisation of the exchange rate, boosting foreign currency reserves and bringing down both the deficit of state budget and public debt.

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