26 November 2012

Egypt: Growth Rate Up By 2.6 Per Cent and GDP By 11 Per Cent

Dr. Ashraf al-Arabi Planning and International Cooperation Minister said growth rate went up to 2.6 percent during the first quarter of 2012/2013 compared to the same period last year which was only .3 per cent.

The gross domestic product (GDP) reached LE446 bn or 11 per cent compared to LE402.1 bn with a percentage of 10.9 per cent.

Total investments reached LE50 bn downed by 1.6 per cent.

The modest investment rate reflected the slackness of economic growth rates.

Inflation rates reached 7 per cent in October last scoring .8 per cent more than that of September last.

The minister told a press conference on Sunday 26/11/2012 positive indicators showed the rate of economic growth for all sectors are above the general average for economic growth values, except for tourism and Suez canal and extracting activities the minister added economic growth rates transformed form a negative value to a positive one in the tourism industry and construction fields.

Agriculture, industry wholesale, and retail contributed to 52 per cent of the GDP during the first quarter of the present fiscal year.

The construction contribution raised the contribution of the four sectors to 60 per cent.

The negative aspects affected the Suez Canal and extracting activities like oil and gas by a percentage of 3.4 percent of the GDP.

The manufacture industry contributed 2.8 percent to GDP against 3.3 per cent during the first quarter of last year 2011/2012.

Tourism contributed 6 percent against 10,4construction 5.4 against 2.8 percent wholesale and retail trade 3.8 percent against3.

The minister added that investments retreated during the first quarter of this fiscal year by almost 1.6 compared to those of last year which experienced a high rate of investment by 11.1 per cent of the GDP.

In order to achieve 7 per cent economic growth rate, investments should grow by no less than 22 per cent of the GDP.

The minister said private sector investments reached almost LE34.8 bn constitution 70 per cent of investments of the first quarter of this year which reached LE49 bn this reflect that economic performance is improving gradually.

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