Planning Minister expects growth not less 4 pct for 2016/17

CAIRO – 16 July 2017: Minister of Planning Hala el Saeed said Saturday economic indicators for the first nine months of 2016/2017 fiscal year were positive.

The minister told economic reporters that the third quarter of the fiscal year witnessed a positive leap, as the growth rate recorded 4.3 percent, compared to 3.6 percent in the same quarter of 2015/2016 fiscal year; a result of the beginning of the tourism sector's recovery that hit 80 percent growth rate, as well as the telecommunications sector by 10.7 percent, the construction sector by 7.9 percent, and the transport sector by 4.4 percent.

She added that the basic signs of the fourth quarter are moving in the same direction.

These positive signs come despite steps taken in the economic reform program, the minister said.

The country's GDP growth rate will not fall below 4 percent in fiscal year 2016/2017, compared to 4.3 percent in the previous year, she added.

The initial budget deficit in the fiscal year 2016/2017 ranges between 10.4 to 10.5 percent of the GDP, compared to 12.5 percent in the 2015/2016 fiscal year, the minister said.