Cairo – Mubasher: The Egyptian economy has achieved the highest growth rate in 10 years, after recording an increase in gross domestic product (GDP) by 5.3% in fiscal year 2017/2018, according to planning minister Hala El-Said.
Egypt also sustained the same growth rate over the first quarter of fiscal year 2018/2019, the minister indicated, noting that unemployment rate declined to 9.9% down from 13.2% in FY2013/2014.
An upgrade to the country’s credit ratings, as well as a positive outlook from the International Monetary Fund (IMF) show the achievements of the economic reform programme despite the challenges facing global economy.
Public investments in the first quarter of FY2018/2019 reached EGP 72 billion, with EGP 27.4 billion governmental investments mainly directed to infrastructure, with the balance of payments surplus totalling EGP 12.8 billion, and international reserves sufficient for nine months' worth of reserves.
