Cairo – Mubasher: Egypt’s economic growth registered an increase of 4.5% Q-O-Q for the fourth quarter of the fiscal year 2015 – 2016.
The county’s gross domestic product (GDP) went up by 4.3% during FY15/16, compared with 4.4% a year earlier, according to a report compiled by Ministry of Planning.
Earlier, Egypt’s Finance Minister Amr El-Garhy said he seeks to increase the economic growth rate to 7% after securing the International Monetary Fund loan.
The report attributed the decline of the economic growth rate to the decline of country’s exports by 14.5% on the slowdown of the world trade movement.
The revenues generated by the tourism sector also declined by 4.05% to $3.3 billion for the first nine months of FY15/16 from $5.5 billion a year earlier, according to the report.
The country’s nominal gross domestic product recorded EGP 2.708 trillion for FY15/16, up from EGP 2.44 trillion a year earlier.
Previously, sherif ismail prime minister said the preliminary economic indicators showed economic growth rate of 4.3% for 2015 – 2016 against the government expectations of 5%.
