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Egypt eyes 4.5 per cent GDP growth in current fiscal year

Government’s current strategy plans on removing all hindrances at stock market

The Egyptian government seeks to post a gross domestic product growth of 4.5 per cent by the end of the current fiscal year, the country’s investment minister says.

The Egyptian government is also targeting an unemployment rate of 12.7 per cent and a public budget deficit of 10.5 per cent, Ashraf Salman, the minister of investment, says.

In remarks published by Amwal Al Ghad, the minister notes that the government’s current strategy plans to remove all hindrances at the country’s stock market and urges a larger proportion of companies to get listed in the market and benefit from additional financing.

According to Salman, low liquidity rates and stock market fears of a new tax on capital profits have led to the deferment of the tax’s introduction for two more years.

In an earlier report, the Egyptian ministry of finance said that six economic sectors played major roles in boosting the GDP in the first quarter of the current fiscal year 2014-2015.

These sectors include non-oil manufacturing industries, tourism, agriculture, construction, wholesale and retail trade.