Egypt’s economy growth rate rises 5.6% in FY2019 – minister

Egypt’s ministry of finance said on Wednesday the Egyptian economy growth rate has reached 5.6 percent in fiscal year (FY) 208/2019, which is the highest to be achieved over the past years and one of the highest growth rates in the world.

The ministry added, during the Cabinet weekly meeting held today under Prime Minister Mostafa Madbouly, that it is looking to record a growth rate of more than 6 per cent in FY2019/2020, adding that the growth structure has improved and has become more sustainable.

“Share of private investments estimated about 45 per cent from the achieved growth, while shares of exports ranked  second at 34 percent”, Egypt’s Minister of Finance Mohamed Maait revealed.

He added that the unemployment rate has decreased to 8.9 per cent in December 2018 and is predicted to reach 8.1 per cent. He also mentioned that the budget has achieved a surplus of two percent of the gross domestic product; which is the best result in more than 10 years.

The overall deficit declined to 8.2 per cent of the GDP. In addition, the budget achieved a primary surplus estimated at 2 per cent of the GDP, which is the best Egypt has achieved in the past 10 years.

Source: Ahram Online