Press Release
Egypt economy contracted 7 % in fiscal third quarter
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The Egyptian economy contracted 7 percent in the third quarter of the fiscal year, which saw a revolt that toppled former President Hosni Mubarak, Finance Minister Samir Radwan told ONTV in an interview.
The minister didn’t say whether the contraction was quarter-on-quarter or from the year-ago period. Egypt’s fiscal year ends in June. Radwan also said that the country’s official international reserves are enough to cover 5.6 months of imports.
Source: Bloomberg
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