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Egypt targets EGP 8.27 trln GDP in FY21/22

Egypt targets EGP 8.27 trln GDP in FY21/22
Egypt is targeting a 6.4% growth rate in FY20/21

Mubasher: Egypt is planning to increase its GDP to EGP 7.15 trillion ($443.17 billion) in the fiscal year 2020-2021, according to data released by the Ministry of Finance.  

The North African country is aiming to up GDP to EGP 8.27 trillion ($512.59 billion) in FY21/22, compared to EGP 6.16 trillion ($381.8 billion) in FY19/20.

Egypt is targeting a 6.4% growth rate and 6.2% total deficit in FY20/21, in addition to a debt-to-GDP ratio of 80% through the support of the competitiveness of the national economy.

As per the financial ministry’s data, the top Arab populous country is planning to reduce the average annual inflation rate to 9.1% in FY20/21, and to 8% in FY21/22.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided in its meeting on Thursday to cut the current interest rates for the fourth time in 2019.

The Overnight deposit rate and the overnight lending rate were lowered by 100 basis points to 12.25% and 13.25%, respectively, while the rate of the main operation was reduced to 12.75%.