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Egypt growth seen at 6.5 pct in 2011/12: ministry - Daily News Egypt

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Egypt growth seen at 6.5 pct in 2011/12: ministry

CAIRO: Egypt s economy is expected to grow by 5.8 percent in the current fiscal year and 6.5 percent in 2011/12 as it shakes off the global economic crisis, Economic Development Minister Osman Mohamed Osman said on Thursday. The budget deficit is expected to be 8 percent of gross domestic product (GDP) in 2010/11, declining …


CAIRO: Egypt s economy is expected to grow by 5.8 percent in the current fiscal year and 6.5 percent in 2011/12 as it shakes off the global economic crisis, Economic Development Minister Osman Mohamed Osman said on Thursday.

The budget deficit is expected to be 8 percent of gross domestic product (GDP) in 2010/11, declining to 7.5 percent in 2011/12, his ministry said in a statement.

Egypt s fiscal year runs from July to June.

The coming two years are very important to the Egyptian economy, Osman told a news conference.

The Egyptian economy is no longer concerned with the global economic crisis but is concerned with how to return back to its economic growth and how to benefit from the growth when its goals are accomplished, he said.

Foreign direct investment (FDI) is seen at $10 billion, up from an expected $7.5 billion in 2010/11, the ministry said.

The Economic Development Ministry said it expected government investment to reach LE 36.4 billion ($6.6 billion) in 2010/11, down from a projected LE 49.2 billion for the current fiscal year.

It said private investment was seen growing steadily, from an expected LE 114 billion this year, to a projected LE 163 billion in 2010/11 and increasing to LE 217 billion in 2011/12.

Topics: FJP

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