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Egypt reports 1.2% growth in H1 GDP

Egyptian minister of planning, Ashraf Al-Arabi has said the country’s economy grew 1.2% in the first half of fiscal year 2013/14, Reuters has reported. Egypt had spent EGP25bn ($3.59bn) of EGP64bn pledged in stimulus packages, with much of that money coming in aid from the UAE, the minister said. “We aim to achieve a growth rate in the third quarter of more than 2%,” Al-Arabi added. Egyptian gross domestic product in the last fiscal year, which ended on June 30, was up 2.1%.