Egypt posts 5.6% growth rate during H1 of 2019/20

Despite the continued slowdown in global growth, The Egyptian economy maintains steady growth rates of 5.6 percent during the second quarter and first half (H1) of this fiscal year, Minister of Planning and Economic Development Hala el-Saeed said.

The minister clarified that this growth was driven by the growth of the sectors of oil refining, telecommunications, construction and building, with the continued growth of the tourism sector.

Saeed indicated that the International Monetary Fund (IMF) reduced its forecasts for the global growth rate for 2020 for the third time from 3.6 percent in April 2019 to 3.3 percent in January 2020. “Moreover, a number of organizations expect a decrease in the global growth rate by 0.3 percent this year due to the spread Corona Virus”, she noted.