Finance Ministry says 2018/19 GDP to reach LE5.2T

CAIRO - 14 May 2018: The Gross Domestic Product of 2018-2019 is estimated to reach some 5.250 trillion pounds compared with 4.106 trillion this fiscal year.

A statement by the Finance Ministry put at 5.8 percent the targeted increase in GDP rate during 2018-2019.

The estimated growth rate for this year is 5.2 percent, the statement added.

The government is working with the Central Bank of Egypt to reduce inflation rates to less than 10 percent during 2019-2020, it noted.

The government is also seeking to decrease the public debt to make up 91-92 percent of the GDP, according to the statement.

Cutting public debt and the reduced interest rates will sure contribute to a big decline in expenditure on interest payments, the statement added.