Egypt’s GDP likely to rise 5.6%: presidency spokesperson

Egypt’s President Abdel Fattah al-Sisi met in Cairo on Tuesday with Prime Minister Moustafa Madbouly and Finance Minister Mohamed Maait to review the financial performance indexes for ending financial year 2018/2019 and the targets of the new budget for 2019/2020, Egyptian presidency said.

Preliminary financial indices of the 2018/2019 budget have shown great improvement on a number of levels with the increase in the Gross Domestic Product to reach 5.6 percent percent, presidency spokesman Bassam Radi announced in the statement issued about the meeting.

The budget deficit is expected to drop to the targeted 8.4 percent of the GDP, he said, adding that the gradual decrease in the public debt is expected to continue and reach 90 percent of the GDP, compared with the targeted 93 percent.

The targeted preliminary surplus is expected to reach 2 percent of the GDP, he added.

Source: MENA