Egypt economic growth to exceed 1.5% in Q3: Minister

Bassem Abo Alabass, Sunday 18 May 2014

Planning minister says economic stimulus packages should push growth rate to 1.5% in Q3 of current fiscal year

Ashraf El-Araby
Egypt’s minister of planning and international cooperation Ashraf El-Araby (Photo: Al-Ahram)

Egypt’s economic growth rate is expected to be more than 1.5 percent in the third quarter of the current fiscal year, the minister of planning and international cooperation has said.

At a press conference on Saturday, Ashraf El-Araby said growth would be driven by two governmental stimulus packages.

He added that the economic growth rate for the full 2013/14 fiscal year was predicted to be two percent, while it could range between 3 and 3.5 percent in the next year.

The second quarter saw 0.4 percent growth.

The interim authorities have introduced two stimulus packages in an attempt to revive the battered economy that has been harmed by the political and security fallout from the ouster of the Islamist president Mohamed Morsi in July 2013.

Almost immediately after Morsi's removal, Saudi Arabia, Kuwait and the United Arab Emirates showered Egypt with billions of dollars to bolster the country’s ailing economy.

“So far, we (the government) have implemented around 60 percent of the stimulus packages,” El-Araby said. “We hope to accomplish 75 percent before June.” 

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