Cairo – Mubasher: Egypt continued its stable economic growth at 5.6% during the first half of fiscal year 2019/2020, despite the global economic slowdown, the planning minister Hala El-Saaed revealed.

The country's economic growth is supported by an improvement in oil refining, telecommunications, construction and building, and tourism sectors, El-Saaed added in a statement released by the cabinet on Wednesday.

During fiscal year 2018/2019, the North African nation’s economic growth accelerated to 5.6% from 5.2% in the prior year, she noted.

The retail and wholesale sector contributed 14.7% to the country’s gross domestic product (GDP) during H1 of FY19/20, followed by the industry and agricultural sectors with 12.6% and 12%, respectively.

In addition, public investments in Egypt grew by 5% to EGP 217 billion during H1 of FY19/20, including EGP 64 billion worth of government investments.

Moreover, El-Saeed further revealed that Egypt’s foreign reserves as of December 2019 are sufficient to cover imports for 8.2 months, compared to 2.3 months in March 2013.

Proceeds from exports and remittances from Egyptian expatriates made up 32% and 31%, respectively, of total foreign cash reserves which reached $21.9 billion during the first quarter of FY19/20.

Meanwhile, imports fell by 4.2% to $15.9 billion in Q1 of FY19/20 from $16.6 billion in the year-ago period.