Press Release
Egypt's economy takes beating, declines to 2.6 pct
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The country’s economic growth rate in the current fiscal year has decreased from 5.8 percent to 2.6 percent, Egypt’s Finance Minister Samir Radwan told local media on Thursday.
The economic growth would grow up to three to four percent in the upcoming fiscal year, Radhwan told to official MENA news agency.
Egypt’s economy has slowed down due to protests which began in late January to overthrow the former government led by President Hosni Mubarak.The budget deficit would range from 10 to 11 percent of the GDP, Radhwan said.
Tourism which is the key sector in Egypt’s economy has been the most affected amid security concerns.Otherwise, Egypt had the most stable economy in the Middle East and North Africa with continuous growth, averaging 4 percent to 5 percent in the past quarter-century.
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