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Egypt’s growth rate jumps to 5.1 per cent in H1 2015

Economy significantly improving and witnessing recovery in tourism, industry and investment sectors

The growth rate in Egypt soared to 5.1 per cent during the first half of this year, compared with 1.2 per cent during the same period last year, says a report.

The World Bank’s report adds that average unemployment reached 13 per cent, up by 4 per cent from the financial year of 2010, reports Egypt-based Al-Ahram newspaper.

Twenty six per cent of Egypt’s population is living below the poverty line, says the report, stressing that the Egyptian economy is significantly improving and witnessing a recovery in the tourism, industry and investment sectors, which will increase the growth rate in 2015 to 4.3 per cent.

The report points out that the government is taking important measures to liberalise energy prices and raise the prices of fossil fuel and electricity; it is also seeking to stimulate demand and develop flexible consumption.

The World Bank’s report also praises the Smartcard system used in bread subsidies and reveals that the Egyptian government is allocating a large budget to support the social security system and the provision of health, education and scientific research programmes.

The government is also working on the establishment of a national database of social security networks and the equitable distribution of subsidies, adds the report.