Egypt economy grows 5.3% in Q4, highest in three years: Amer

Big 5

Egypt’s economy expanded 5.3 percent in the fourth quarter of 2017, its highest reading since the financial year 2014-2015, said the country’s central bank governor Tarek Amer on Monday.

The liberalisation of the Egyptian pound exchange rate in November 2016 was one of the greatest and most courageous economic decisions taken, Amer said. This decision had led to a 64 percent rise in Egypt’s current account in one year, the increase of foreign exchange reserves to cover nine months of imports, a three percent fall in unemployment, and the easing of inflation from 33 percent to 13 percent.

“These indicators confirm the remarkable progress of the Egyptian economy, with economic growth up to 5.3 percent in the last quarter of 2017,” Amer said at the annual meeting of the African Development Bank (AfDB) in Busan, South Korea.