Egypt’s communications, IT investments fall 2.7% in Q1-FY17

Egypt’s investments in communications and information technology sectors fell 2.7 percent to 5.154 billion Egyptian pounds ($275.3 million) during the first quarter of the current financial year 2016/2017.

Earlier, the investments recorded 5.302 billion pounds during the first quarter of financial year 2015/2016.

According to indicators released by Ministry of Planning, the country’s investments in the communication sector dropped 6.9 percent to 3.498 billion pounds during the period from July to September 2016, compared to 3.756 billion pounds during the same period in 2015.

On the contrary, IT investments rose 1.7 percent to reach 1.655 billion pounds during the period from July to September 2016, compared to 1.546 billion earlier in 2015.

Private sector has seized 99 percent of the country’s total communications and information technology investments. GDP of both sectors have reached 7.3 percent, compared to 8.1 percent last year.