Egypt’s Finance Minister, Mohamed Maat, predicted Egypt's growth rate to reach 5.5% in the third and final quarters of the fiscal year 2018-2019.
"We expect higher growth rates for Q3 and Q4 than Q2," he said. "The results of the first half of the year gave the confidence that our estimates are trustworthy and more reliable than the ones provided by international reporting and IMF."
Egypt's GDP hit 5.5% in the second quarter of the fiscal year 2018-2019, compared to 5.3% in the same period of last year.
On the other hand, data from Egypt’s Central Bank showed an increase in foreign debt from 92.644 billion dollars in June 2018 to 93.131 billion dollars at the end of September 2018, registering an increase of 0.5% on a quarterly basis and 15.2% on a yearly basis.
Moreover, the Country's total domestic public debt increased from 3.696 trillion pounds (about 210.60 billion dollars) at the end of June 2018 to 3.887 trillion pounds at the end of September 2018, rising by 5.2 percent. While on an annual basis, the Country's domestic debt increased by 17.3 percent.
Source: (Economic Bulletin website, edited)
