egypts yearonyear growth shrinks to 38 in q2 of 201617
Last Updated : GMT 11:59:16
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 11:59:16
Egypt Today, egypt today

Egypt's year-on-year growth shrinks to 3.8% in Q2 of 2016/17

Egypt Today, egypt today

Egypt Today, egypt today Egypt's year-on-year growth shrinks to 3.8% in Q2 of 2016/17

Minister Hala El-Saeed
Egypt - Arab today

Egypt’s economic growth rate witnessed a small slowdown to 3.8 percent in the second quarter of this fiscal year 2016/17, compared to 4 percent in the same period the year before, the country’s planning minister announced on Sunday.

 

In a press conference, Minister Hala El-Saeed attributed the drop to a decline in consumption and rise in the price of imports due to the flotation of the pound, as well as a drop in tourism and Suez Canal revenues, state news agency MENA reported

El-Saeed said that some sectors did accomplish growth, such as construction, real estate, telecommunications, and manufacturing industries, but did not provide numbers.

Egypt’s budget deficit dropped to 5.4 percent of Gross Domestic Product (GDP) during the first half of FY 2016/17, which ends in June, compared to 6.4 percent for same period last year.

According to the minister, Egypt will aim for an economic growth rate of five percent in FY 2017/18. She added that the plan includes a growth rate between 6 and 6.5 percent for 2020.

In 2014, Egypt introduced a number of fiscal reforms including fuel-subsidy cuts and new taxes to ease a growing budget deficit.

In early November, Egypt's central bank freely floated the currency and raised key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's flagging economy.

Egypt's tourism industry has been hit hard since a Russian passenger plane crashed over the Sinai in 2015, with the number of tourists visiting the country dropping by 50 percent in the first half of 2016 compared to the previous year, according to Egypt's Tourism Authority.

Revenues from tourism dropped from $6.1 billion in 2015 to $3.4 billion in 2016, according to statements by central bank Governor Tarek Amer in January.

‘Total investments on the rise’

El-Saeed added that the country’s total investments increased during the second quarter from October to December 2016 to EGP 43 billion, growing 44 percent and reaching 16.4 percent of GDP.

Finance Minister Amr El Garhy said in televised statements that Egypt expects foreign direct investment to increase to $13-15 billion in FY 2017/18.

Around USD 3.5 billion in foreign investment has flowed into Egypt through treasury bills and bonds since the November flotation

Source: Ahram online

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypts yearonyear growth shrinks to 38 in q2 of 201617 egypts yearonyear growth shrinks to 38 in q2 of 201617



Egypt Today, egypt today Modern colorful bedroom renovation

GMT 12:15 2017 Thursday ,21 December

Modern colorful bedroom renovation
Egypt Today, egypt today Paris Fashion Week: John Galliano goes co-ed on the catwalk
Egypt Today, egypt today For the Variety of Interior Design Styles

GMT 22:35 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 09:43 2017 Monday ,06 November

Eye-popping interiors and edgy street food

GMT 12:20 2017 Monday ,27 November

SCORPIO (October24th-November22nd)

GMT 07:46 2017 Monday ,18 September

The dystopian drama based on the 1985 novel

GMT 09:53 2017 Wednesday ,27 September

Heidi Karam happy for in “Seventh Neighbor”

GMT 00:02 2016 Thursday ,15 December

War leaves famed Old City ‘unrecognizable’

GMT 19:36 2011 Wednesday ,04 May

BMW reports 4-fold profit surge in Q1

GMT 07:17 2015 Monday ,03 August

9 subtle traits of most talented leaders

GMT 12:00 2015 Sunday ,26 April

Ferguson wants to see

GMT 07:48 2017 Thursday ,23 November

Lobna reveals details of her decision to join ON TV

GMT 22:20 2015 Monday ,21 September

Android wear to rise as smart wearables surge

GMT 13:50 2017 Wednesday ,10 May

Salman Khan’s 'Tiger Zinda’

GMT 09:04 2017 Tuesday ,28 November

Dubai Women Establishment hosts

GMT 07:46 2017 Tuesday ,24 October

Baskal’s song achieves high views in days

GMT 13:39 2017 Saturday ,11 November

Discover your next stylish staycation

GMT 08:18 2016 Thursday ,21 April

Intel gambit aims for position in post-PC world

GMT 19:37 2017 Sunday ,02 April

Iraqi PM stresses government's quest for reform

GMT 19:46 2017 Monday ,01 May

Milan exhibition highlights

GMT 07:01 2017 Saturday ,04 November

Actress Hana Shiha returns to Egyptian cinema

GMT 14:49 2017 Tuesday ,12 December

Turkey demands life for journalists

GMT 06:41 2017 Tuesday ,12 December

Trump tells NASA to send Americans to Moon

GMT 21:16 2011 Tuesday ,26 April

Yara and Tareq Abu Judeh breakup

GMT 11:41 2017 Monday ,11 December

3 Ways to Find the Best Interior Design Ideas

GMT 07:44 2012 Tuesday ,19 June

Mohammed Morsi the \'substitute\'
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday