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Egypt records growth rate of 5.7% in Q4 of 2018/19

Egypt records growth rate of 5.7% in Q4 of 2018/19

Cairo:  Egypt achieved a growth rate of 5.7 percent during the fourth quarter (Q4) of fiscal year 2018/2019, according to Prime Minister Mostafa Madbouli.

Madbouli added during the Cabinet weekly meeting on Wednesday that the growth rate during the last fiscal year recorded 5.6 percent.

Prime Minister Madbouli referred to the decline of inflation and unemployment rates.

During the meeting that reviewed the financial performance for fiscal year 2018/2019, Minister of Finance Mohamed Ma’it said that the unemployment rate dipped to 8.9 percent in December 2018, targeting to hit 8.1 percent.

Ma’it noted that the budget deficit declined to 8.2 percent of gross domestic product (GDP) during last fiscal year, adding that primary surplus hit 2 percent of GDP.

The government targets to reach a growth rate exceeding 6 percent during 2019/2020, according to the finance minister.

In April, Ma'it reviewed Egypt's draft budget for new fiscal year 2019/2020 in the Parliament, stating that the draft budget aims to increase the growth rate to about 6 percent, at a cost of LE 6.163 trillion.

Ma'it added that the new budget focuses on the growth of containment and sustainability to result in reducing inflation to 10.5 percent, and the unemployment rate to 9 percent.

He also added that the budget achieved a surplus of 2 percent of the gross domestic product, which is the best result in more than 10 years. Source: Egypt Today

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