World Bank Expects 5.5 % Growth for Egypt

  • Egypt
  • 7 June 2018

The World Bank expected in its World Economic Outlook that Egypt will achieve economic growth of 5.5 percent in the next fiscal year 2018-2019. According to the bank, Egypt is expected to grow by 5 percent in the current fiscal year, rising to 5.8 percent during the year 2019-2020. Pointing out that Egypt has seen an improvement in investment and exports net income thanks to stable exchange rates and strong domestic demand. In parallel, the Central Agency for Public Mobilization and Statistics revealed that the country's trade deficit reached $ 3.40 billion in March 2018 compared to $ 3.19 billion in the same month last year, with an increase of 6.2 percent. According to the agency’s data, the value of exports rose by 3.2 percent to reach $ 2.47 billion in March 2018 compared to $ 2.40 billion in the same month last year. This is due to the increase in the value of exports of some commodities, especially fresh orange by 11.4 percent, 2.3 percent for ready-made clothes, plastics in primary forms (plastics) by 33.0 percent, and petroleum products by 18.5 percent.