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Government target 4.2% growth rate for current fiscal year: Salman - Daily News Egypt

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Government target 4.2% growth rate for current fiscal year: Salman

Target for foreign investments for FY 2014/2015 is $8bn, says investment minister

Investment Minister Ashraf Salman
Investment Minister Ashraf Salman.
(DNE Photo)

The Egyptian government is targeting a 4.2% growth rate for the fiscal year (FY) 2014/2015, compared to the 2.2% rate registered last year, Minister of Investment Ashraf Salman announced Monday.

The minister added that the target for foreign investments is $8bn. The minister highlighted that during the first half of the current fiscal year, the growth rate recorded approximately 5.5%, around 3bn.

The first half of FY 2014/2015 also saw a 9.9% rise in tax revenues, which recorded EGP 114bn.

The budget deficit’s growth decreased in the first half the current fiscal year to register EGP 89.4bn, equivalent to 4.5% of GDP. This compared to EGP 132bn, equivalent to 5.7% of the GDP during the last fiscal year.

The government has previously stated that the targeted growth rate was 3.5%. However, in November Minister of Planning Ashraf Al-Araby pointed out that this target will hopefully be surpassed to reach 3.8%, though it will not reach 4%.

The growth rate of the first quarter of fiscal year (FY) 2014/2015 reached 1.1%. The figure was 6.8% higher than the same quarter last year, which registered 1% growth.

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