Complex Made Simple

Egypt’s economy grows 1.8% in last fiscal year

The Egyptian Planning Ministry has announced that the country's economy rose 1.8% in the last fiscal year ended June 30, its weakest performance in at least 10 years, Reuters has reported. The ministry added that Egypt's economy is expected to grow by 3-3.5% in 2011-2012 although continued protests and unrest are holding it back. In the three months running January to March, the economy contracted 4.2% but expanded by 0.4% in the following quarter, the ministry said.