Egypt’s GDP Growth Reaches 2.2% In 2013/14: Planning Ministry

Egypt’s ministry of planning said on Monday that the preliminary statistics showed that the economy is on its way to regaining growth.

The improvement of the investment climate led to the increase of total investment by 12.9% to LE280.6 billion in 2013/14, compared to a 3.7% decline in the previous year.

The fourth quarter of 2013/14 witnessed the highest growth in investment with a 33.1% Q-o-Q, and 22.6% Y-o-Y.

Private sector investment accounted for 62.2% of investments, compared to 19.3% by the government, 9.5% by public sector, and 9% by financial institutions.

Gross domestic product grew 2.2% in 2013/2014, up from 2.2% a year earlier.

The ministry noted that growth was closely linked to the political and security situation, GDP increased 1.4% in the second quarter of 2013/14, gained 2.5% in the third quarter, it continued improvement in the fourth quarter to reach 3.7% which  indicates the recovery of the economic activity.

Source : Arab finance