Minister of Finance Hany Qadry Dimian said Egypt’s economic growth rate is likely to reach 3.5% in the fourth quarter of FY13/14, compared to 1% in the same period of the previous year, according to Ahram Online.
The growth rate from July 2013-March 2014 had slowed to 1.65%, compared with 2.31% during the same period of the previous year, despite two stimulus packages worth up to LE60 billion during the same fiscal year.
The 2013/2014 fiscal year saw a rough start, with the ouster of Islamist president Mohamed Morsi in July after mass protests against his rule, and ensuing political and security turmoil.
Efforts to boost the economy through government investments, as well as the return of a measure of political stability, are seen to have an impact on the fourth quarter growth, a spokesperson for the Ministry of Finance told Ahram Online.
The growth rate from July 2013-March 2014 had slowed to 1.65%, compared with 2.31% during the same period of the previous year, despite two stimulus packages worth up to LE60 billion during the same fiscal year.
The 2013/2014 fiscal year saw a rough start, with the ouster of Islamist president Mohamed Morsi in July after mass protests against his rule, and ensuing political and security turmoil.
Efforts to boost the economy through government investments, as well as the return of a measure of political stability, are seen to have an impact on the fourth quarter growth, a spokesperson for the Ministry of Finance told Ahram Online.
Source:
Mubasher
