Egypt targets 5.2pct growth for fiscal year 2016/17: Cabinet

Ahram Online , Thursday 24 Mar 2016

Egypt's government is targeting a growth rate of 5.2 percent for the fiscal year starting July 2016, up from 4.6 percent estimated at the end of the current fiscal year, according to a cabinet press release on Thursday.

The government is expected to present its economic programme to parliament next week.

As the ailing tourism sector took yet another blow following the downing of the Russian plane in October 2015, Egypt revised down its growth estimates for the current fiscal year to a range of 4 to 4.25 percent, said former finance minister Hany Kadry last month.

Egypt's economic growth for the first quarter of the current fiscal year slowed to 3 percent, down from 5.6 percent in the same period a year earlier, a recent central bank bulletin showed.

Short link: