Egypt's growth slows to 3 pct in first quarter of 2015/2016 fiscal year: Central Bank

Ahram Online , Thursday 18 Feb 2016

Central bank of Egypt (Reuters)

Egypt's economic growth slowed to 3 percent in the three months ending 31 September last year, down from 5.6 percent in the same period a year earlier, the central bank's January bulletin showed.

The total GDP for the first quarter of the current fiscal year, which ends in June 2016, was EGP 495.5 billion ($63.3 billion), according to the bulletin published on Wednesday.

Egypt had revised its GDP growth forecast for fiscal year 2015/16 to 5.5 percent up from 5 percent, according to statements by the planning minister in December.

Egypt suffered from an economic crisis following the 2011 revolution; that year growth slowed to 2.2 percent, although it had recovered to 4.2 percent in the last fiscal year.

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