Egypt’s real Gross Domestic Product contracted by 8.6 per cent quarter-on-quarter in 1Q2011, according to date from the Ministry of Economic Development.

Figures show real GDP contracted from LE217.6 billion in 4Q2010 to reach LE199 billion in 1Q2011.

A note from investment bank Beltone Financial said the overall fall in in real GDP was mainly due to a quarterly contraction in four significant sectors of the economy, namely: a 37.5 per cent fall in hotels and restaurants sector (a proxy for tourism); an 18.9 per cent one in transportation; 18.3 per cent in construction, and 13.6 per cent in manufacturing.