Cairo – Mubasher: Egypt’s gross domestic product (GDP) growth reached 5.4% in the first half of fiscal year 2018/2019, exceeding growth rates in the emerging markets and developing countries.
The Egyptian GDP growth was backed by a positive performance in all economic activities, particularly tourism, gas, telecom, construction and engineering, a government report revealed on Monday.
Investments and net exports have made up 70% of the achieved growth in H1-18/19, according to the report.
The GDP growth during the first half of the current fiscal year was the best in 10 years despite global trade wars and the slowdown in trade and investment, the report stressed.
In January, the Egyptian planning minister said that the country’s GDP increased 5.5% in the second quarter of FY18/19, versus 5.3% in the same quarter a year earlier.
The North African nation aims to achieve a GDP growth of 5.8% this current fiscal year.
Finance minister Mohamed Maait previously stated that Egypt targets a GDP growth of 6% in FY19/20.
It is worth noting that the country’s GDP increased 5.4% in FY17/18.
