Economy in Egypt Expands 3% during Quarter Ending June 30

The economy in Egypt grew 3% during its fiscal third quarter that ended June 30, compared to the same period last year when the economy expanded 2.5%, announced the Planning Ministry on Friday.

However, the growth still remains below the record of 6.8% during the first quarter of the fiscal year 2014-15, which was the highest annual growth rate since the 2007-08 fiscal fourth quarter, and weaker than the 4.3% growth during the second quarter.

Real growth rate for the GDP was recorded at 2.2% and 2.1% during the 2013-14 and 2012-13 fiscal years according to data from the country’s central bank.

Revenues in the Suez Canal during the fiscal third quarter were up by 1.8% to more than $1.235 billion from its $1.21 billion during the same period one year ago.

At the same time, revenue from tourism dropped by 6.3% to just over $1.5 billion during the period, in comparison to $1.6 billion during the same third quarter one year ago.

Since July of 2014 through March of 2015, the economy in Egypt grew 4.7% compared to a growth of 1.6% over the same period, but one year earlier said the Planning Ministry in its report.

The rise was attributed by the ministry to support coming from reform procedures, political stability along with the reinstating of confidence by investors in the national economy.

The new budget for Egypt’s 2015-16 fiscal year was ratified on Thursday by President Abdel Fattah-el Sissi. The budget projected an overall growth of 5.5% in the economy, compared to a projected growth rate for 2014-15 of 4.2%.

The International Monetary Fund or IMF upgraded this past April its forecast for economic growth in Egypt for 2015 to 4% from its previous assessment of 3.8%.

The IMF forecasts the economy in Egypt to grow 4.3% during 2016 noting that lower prices of oil would lower the vulnerabilities of Egypt as the largest importer of oil in the Middle East.

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