Egypt Economy down 7%

21 Apr 2011

(MENAFN) Egyptian Finance Minister, Samir Radwan, said that the country’s economy went down by seven percent in the third quarter of the fiscal year that ends on June 30, as a result of the political unrest that took over the country in January and led to the ousting of former President Hosni Mubarak in February, reported Bloomberg.

Radwan said that a large number of businesses went bankrupt as a result of the collapsing economy.

As for exports, the minister said that they dropped by forty percent. In addition, imports increased and tourism almost demolished.

It is worth noting that the international Monetary Fund (IMF) had previously forecasted a budget deficit for Egypt at 9 percent of GDP in the current fiscal year, up from last year’s 8.1 percent.

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