Egypt’s economy grew 3.8% in 2Q16-17, Planning Minister Hala El Said said yesterday, according to Reuters. The government will target a GDP growth rate of 5% in FY 2017-18 for the budget being prepared currently, she added, and the target will increase to 6-6.5% by 2020. El Said attributed the slowdown in economic growth in the second quarter of the state’s July-June fiscal year to a decline in consumption and a rise in price of imports after the EGP float. Reuters notes although El Said said the rate slowed down from 4%, the government had reported the figure as 3.8%. Budget deficit for 1H FY 2016-17 was 5.4%, down from 6.4% a year earlier, she added.

Meanwhile, the Oil Ministry is setting the average price of international crude at USD 55-60 per barrel for next fiscal year’s budget, according to Youm7. As we noted yesterday, the EGPC said it will be calculating its fuel subsidy costs for the budget using the average EGP-USD exchange rate since the pound was floated in November. And as we note in Last Night’s Talk Shows, above, Amr El Garhy is budgeting at EGP 16.00 to the greenback for next year.