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Wednesday, 17 April 2019

Preliminary figures show GDP growth at 5.6% in 1H2018-19

Egypt’s GDP grew 5.6% in 1H2018-19, up from 5.3% during the same period last year, according to preliminary Planning Ministry figures announced to the House of Representatives by Finance Minister Mohamed Maait, according to ِAhram Gate. Growth was primarily driven by the gas, ICT, and construction sectors, Planning Minister Hala El Said told the House, according to a cabinet statement. Preliminary figures released at the end of January suggested that growth over the first two quarters came in at 5.4%. The draft state budget showed last month that the government is targeting 6% GDP growth in FY2019-20.

Maait confirmed a 6% economic growth forecast for the fiscal year starting in June and told MPs the coming year wills ee the finance ministry focusing on themes including tax reform, the broadening of the tax base through a package of incentives to bring SMEs into the formal economy, and stability in tax rates. You can read the Finance Ministry’s statement on Maait’s remarks to the House here (pdf).

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