Cairo – Mubasher: Egypt’s economic growth rate is expected to maintain rising on the back of net exports of commodities and services, as well as local and foreign investments.
The recovery of Egypt’s tourism sector and the growth in sectors of construction and engineering, non-petroleum industries, and extractives industry are forecast to contribute to boosting the economy, the Central Bank of Egypt (CBE) added in the monetary policy’s report of September 2017.
The Egyptian government is projected to carry on implementing the economic reform programme in order to achieve sustainable and integrated economic growth, the CBE stressed.
The government is aiming at reducing the total fiscal deficit of 2017/2018 budget to 9% of growth domestic product (GDP), the bank said.
The government is seeking to achieve an initial surplus of 0.2% of GDP for the first time since 2002/2003 as the surplus will rise over the coming years, the bank indicated.
Egypt’s core inflation rate dropped to 31.6% and 33.3%, respectively, for the second month in a row in September 2017 after it peaked in July 2017 to 33% and 35.3% respectively, the report alluded.
