Egypt’s economic growth signals future stable outlook: Agency

CAIRO – 31 August 2017: Egypt’s economy is notably improving and progressing in the light of the increase in economic growth, which reached 4.9 percent in the last quarter of fiscal year 2016/2017, signaling a stable outlook, Nova Italian Agency reported Thursday.

Foreign borrowing and direct investments contributed to the growth of the gross domestic product (GDP) by 2.3 percent year-on-year in the last quarter of last year.

In November, Egypt signed a $12 billion loan program over a three-year period with the International Monetary Fund (IMF), as part of Egypt’s economic reform program.

The budget deficit decreased 9.5 percent in the first nine months of fiscal year 2016/2017 compared to 11.5 percent in the same period of the previous year.