Egypt's GDP growth in 2018/2019 budget close to 5.6% target: Presidency spokesperson

MENA , Tuesday 2 Jul 2019

Preliminary financial indices of the 2018/2019 budget have shown great improvement on a number of levels with the growth in the GDP to reach 5.6 percent

Sisi
President Abdel Fattah El-Sisi in his meeting with with Prime Minister Dr Mostafa Madbouli and Minister of Finance Dr Mohamed Maait (Photo courtesy of the Egyptian Presidency spokesman official Facebook page)

Egypt's President Abdel-Fattah El-Sisi met in Cairo on Tuesday with Prime Minister Mostafa Madbouly and Minister of Finance Mohamed Maait to review the financial performance indexes for ending fiscal year 2018/2019 and the targets of the new budget for fiscal year 2019/2020, Egyptian presidency said.

Preliminary financial indices of the 2018/2019 budget have shown great improvement on a number of levels with the growth in the Gross Domestic Product (GDP) to reach 5.6 percent percent, presidency spokesman Bassam Radi announced in the statement issued about the meeting.

The budget deficit is expected to drop to the targeted 8.4 percent of the GDP, he said, adding that the gradual decrease in the public debt is expected to continue and reach 90 percent of the GDP, compared with the targeted 93 percent.

The targeted preliminary surplus is expected to reach 2 percent of the GDP, he added.

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