Thursday, August 31, 2017

Egypt economic growth more than doubles

The National:

Foreign borrowing and direct investment helped drive Egypt's economy up 4.9 per cent year-on-year in the fourth quarter of its 2016-17 fiscal year, a Finance Ministry report showed on Wednesday.

It compared with a 2.3 per cent year-on-year rise in gross domestic product in the fourth quarter a year ago. The fiscal year runs until the end of June.


Foreign direct investment in the 2016-17 fiscal year jumped 27.5 per cent from a year earlier, the report showed.

Egypt's economy is beginning to respond to the devaluation in its currency and the various austerity programs that were initiated on condition of the recent IMF bailout. The bet is that the Egyptian stock market will respond to these improving conditions.

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