The Egyptian Minister of Planning and Economic Development, Hala Al-Saeed, affirmed that “the Egyptian economy was able to maintain a positive growth rate during the second quarter of the current fiscal year 2020-2021, reaching 2 percent, to record the average growth rate during the first half of the year (July/December 2020) about 1.35 percent, compared to about 5.6 percent during the same period of the previous fiscal year.
Al-Saeed explained, during the meeting of the Egyptian Council of Ministers, that "the expectations indicate that the growth rate will continue to rise during the third and fourth quarters of the current fiscal year, reaching about 2.8 percent and 5.3 percent, respectively."
The fiscal year in Egypt begins on the first of July of each year and ends at the end of June of the following year.
Al-Saeed revealed that the unemployment rate will continue to decline to reach 7.2 percent during the second quarter of the current fiscal year. It is expected that the general urban inflation rate will remain an odd number, and that the expected average rate ranges between 4.8 percent and 6.6 percent during the ongoing fiscal year. With regard to government investments implemented during the first half of the current fiscal year, they amounted to 102 billion pounds, with a growth rate of 28 percent.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
