Egypt’s GDP hits 5.3 in FY2017/2018 achieving significant progress: PM

Madbouli added during his speech at the Third Investment Conference for the Middle East and North Africa that core inflation fell to 8 percent in November 2018, down from 30 percent in July 2017, and net foreign reserves also rose to $ 42.5 billion in December 2018 from $24 billion in December 2016.

The unemployment rate dropped to less than 10 percent in the third quarter of 2018, from 12.5 percent in 2016, he stated.

“The fiscal deficit of gross domestic product (GDP) declined to 10.5 percent in fiscal year 2017/2018, compared to 12.5 percent two years ago, and the current account deficit of GDP lessened to -2.4 percent in fiscal year 2017/2018 from -6.1 percent in the fiscal year 2016/2017,” the prime minister said.

He pointed out that although these positive indicators reflect a marked improvement in the mechanisms of the Egyptian economy and confirm that Egypt is moving in the right direction towards economic reform, the Egyptian government sees these indicators as the beginning of achieving more comprehensive and ambitious objectives for the Egyptian economy during the coming period.

The prime minister affirmed that the National Program for Economic Reform considers the “private sector” as the main partner in development and growth alongside the government.

The program also places “growth supported by investment activity” as its highest priority, and aims to develop a “comprehensive model of economic growth”, in addition to ensuring “justice of opportunity” as the only way to achieve wealth in our country and prosperity for the Egyptian people, Madbouli referred.