Egypt fiscal 2010-11 GDP growth likely 0-1 pct, says minister

Reuters, Friday 10 Jun 2011

Growth rate for the next year predicted to rise to between 2 and 3 per cent

Economy
Bread vendors pull their trolley to their shop in Cairo, Egypt(AP / Victoria Hazou)

Egypt's gross domestic product growth is likely to be 0-1 per cent in the 2010-2011 fiscal year, the country's minister of social solidarity said on Friday.

"We have enough data to allow us to conclude that the growth rate for 2010-11 is going to be between 0 and 1 per cent," Gouda Abdel-Khalek said at the African Development Bank's annual meeting in Lisbon.

"Our expectations for 2011-12, from next month we are targeting 2-3 per cent, probably closer to 2 than 3," he added.

Egypt's balance of payments swung into a deficit of $6.1 billion in the first quarter due to the political turmoil in Egypt and the region.

Egypt said in March its growth could slow to 3 per cent for the financial year to the end of June.

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