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FINANCIAL NEWS
Egypt confirms 2016-17 budgets for 5-6 percent GDP growth
31 Mar 2016
(MENAFN) Egypt’s government confirmed a state budget for 2016-17, targeting economic increase of 5-6 percent against 4.4 percent in 2015-16.
However, the country faced a lack of dollars since an uprising in 2011 which moved away tourists and foreign investors, two big sources of hard currency.
The whole gross domestic product for the country reached USD 372bn in 2016-17 and the government would need to attract USD 59.5bn in investments.
Accordingly, the deficit predicted to reach 9.9 percent, while the deficit had increased to 11.5 percent this current year.
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