The Egyptian economy grew by 2.2 percent in the third quarter of the 2012/2013 year which ends on 30 June. The figure is unchanged from the previous quarter but slower than the 5.2 percent recorded a year earlier, the ministry of planning and international cooperation announced on Monday.
The country’s economic growth in the first nine months of the current fiscal year registered an increase of 2.3 percent, a rise of 1.8 percent compared to the same period of the previous fiscal year, according to the ministry’s report.
The government’s projected growth rate over the next three years ranges between 7 and 7.5 percent.
Egypt’s Gross Domestic Product (GDP) in the period January-March of 2013 rose to LE423.6 billion (approximately $60.4 billion) from LE379.4 billion ($54.1 billion) in the same period a year earlier.
Total implemented investments in the third quarter of 2012/13 are worth some LE63 billion ($9 billion) up from LE61.2 billion ($8.7 billion) in the same quarter of the last fiscal year.
The report stated that the government’s subsidies bill declined 11.7 percent in the third quarter of the current fiscal year 2012/13, reaching LE31.8 billion ($4.5 billion) compared to LE36 billion ($5.1 billion) in the same quarter of the 2011/12 fiscal year.