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Egypt’s economic growth rate rises to 4.2 per cent

‘We aim to raise the [investment] rate to the range of 20 per cent in the coming years’

Egypt’s minister of planning, Dr Ashraf El-Araby, reveals that the economic growth rate during the fourth quarter of the year (from April to June 2015) reached 4.5 per cent, compared with the 3.8 per cent achieved during the same quarter of the previous year.

El-Araby explains that the improvement in economic performance came as a result of a number of governmental reforms, as well as fiscal stimulus plans, taken by the government. The new measures consist of heavy investment in different sectors, Egypt-based Al-Wafd newspaper reports.

The minister says, “Due to the internal and external challenges we are facing, we haven’t reached the targeted growth rates yet, neither have we reached the ideal level we are aiming for in policies.”

He adds that “the GDP hit EGP2.4 trillion in June 2015 and investment rates rose by 14.2 per cent, compared with 13.4 per cent last year.

“Investment rates improved this year, compared with last one, and we aim to raise the target rate to the range of 20 per cent in the coming years,” the minister concludes.

(EGP1=AED0.47 at the time of publishing)