The Egyptian Minister of Planning Hala Al-Saeed revealed that Egypt's economic growth reached 5.6 percent in the first quarter of the fiscal year 2019-2020, up from 5.3 percent a year ago.
The country's non-oil exports rose 3 percent in the first nine months of this year to $19.201 billion, while imports fell by 0.3 percent to $52.399 billion. The United States, Saudi Arabia, Turkey, Italy, Britain, and the UAE accounted for 37% of Egyptian exports.
Egypt is targeting an export value of $55 billion over the next five years from the current $24.8 billion, and has reserved six billion pounds for the Export Development Fund during the fiscal year 2019-2020. Egypt is expected to complete an economic reform program linked to the IMF loan Egypt has settled in November and got it completely. The goal of the program is to reduce the budget deficit and the current account balance.
Source (Asharq Al-Awsat Newspaper, Edited)
