Fitch Solutions: Egypt’s GDP to reach 5.4% in FY2019/20

Fitch Solutions said it estimates Egypt’s GDP will reach 5.4 percent within the financial year 2019/2020 from 5.3 percent in the previous year, according to a Friday press release.

Fitch Solutions, an affiliate of Fitch Ratings, added that investment in Egypt “will remain a strong driver of headline growth, primarily as a result of rising government spending on infrastructure and rapid development of the country’s hydrocarbon sector.”

“Growth will also increasingly be underpinned by private consumption as households’ purchasing power gradually improves,” it said.

Egypt’s fiscal year starts on 1 June.

Source: MENA