Economic growth rate likely to register 4% in FY 2016/17

CAIRO – 04 July 2017: Egypt’s economic growth rate is expected to reach 4 percent during the past fiscal year, related sources at the Ministry of Planning said on Tuesday.

Sources reasoned this rate to the economic recovery happened during the third and fourth quarters, adding that this rate is reasonable when compared to the economic reform measures taken last year.

The economic performance indicators for the fourth quarter and the whole fiscal year 2016/17 will be disclosed by the end of August, sources added.

The World Bank and the International Monetary Fund have forecasted an enhancement in the Egyptian economic growth indicators in the coming years.

“The first quarter of FY17 marked a slowdown in growth, recording 3.4 percent compared to 5.1 percent in the same quarter last year, with annual growth in FY16 registering 4.3 percent,” the WB stated in its April outlook.