Egypt’s Finance Report: GDP Hit 2.2% In Q2 Of 2012-13FY

The Gross Domestic Product (GDP) achieved remarkable improvement for Egypt, although the rates are slow, recording growth rates of 2.2% in the second quarter of the 2012-2013 fiscal year in comparison with growth rates of 0.4% at the same period of the last fiscal year.

Ministry of finance’s monthly report for May revealed that the GDP attained 2.2% in the second quarter of the current fiscal year in return for 2.6% during the last fiscal year. Meanwhile, the GDP recorded growth rates of 2.4% during the first 6 months of the current fiscal year against 0.3% during the same period of the last fiscal year.

Furthermore, the Monthly Report unveiled that the increase of growth rates resulted from growing of the private and public consumption as they form 93.5% of the Gross Domestic Product; attaining increase of 3.6% and 4.2% successively during the first half of the current fiscal year. It also draw attention to fact that the achieved growth rates still below the desirable rates because of 25th Revolutions repercussions upon the Egyptian economy as the investment expenditure recorded decline of 3.6% during the first half of the fiscal year 2012-2013 against 5.3% during the same period of the last year.

Moreover, May monthly report added that the Domestic product is estimated at EGP 883.5 billion during July – December 2012-2013 against EGP 795 billion during the same period of last year.

The report explained that the rates of the state budget deficit reached EGP 184.8 billion, as to 10.36% of the GDP during the period of July – April of the current fiscal year 2012-2013 in return for EGP 117.8 billion  during the same period of last year.

The report referred that the deficit increased because of widening the gap between income and expenses during 10 months whereas the income recorded EGP 240 billion and the expenses recorded EGP 423 billion.

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