Egypt hits highest growth rate of 5.6% in 11 years

CAIRO – 19 June 2019: Egypt achieved the highest growth rate in 11 years, recording 5.6 percent, during the third quarter of the current fiscal year, driven by increased investments and a significant increase in foreign trade movement, according to Ministry of Planning, Follow-up and Administrative Reform.

The ministry said during the activities of the Union for the Mediterranean Business Forum to promote the business environment and trade in the Euro-Mediterranean region, that the high growth rates affect the situation of unemployment and lead to an increase in jobs, noting that the unemployment rate fell from 13.6 percent in 2014 to 8.1 percent in the fourth quarter of the current fiscal year.

It pointed out that the State's efforts included encouraging the private sector and seeking to develop the SMEs sector and encouraging the integration of the informal sector in the formal sector, pointing out that the State is working to achieve this through an integrated perspective covering all aspects and initiatives supporting the working environment for these projects, including the financing aspect.

Planning Ministry noted that the government is working on a new law for customs and another for small and medium enterprises, adding that there is an initiative of the Central Bank of Egypt worth LE 200 billion at a reduced interest rate of 6 percent to support small and medium industries.

It also referred to the provision of non-financial services, the expansion of the establishment of business incubators, the promotion of entrepreneurship, the provision of marketing, logistics and technological services and training to qualify human resources.