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FINANCIAL NEWS
Egypt eyes GDP growth of 6 percent by 2018
13 Oct 2014
(MENAFN) The Egyptian Finance Ministry expects gross domestic product (GDP) to grow steadily to hit 6 percent in the financial years 2017/2018 as private sector investment grows to 15 percent of GDP, Saudi Gazette reported.
Finance Ministry shows that “These are realistic and achievable targets which will be supported by the government of Egypt’s commitment to sound macroeconomic policies, in particular a concerted drive to achieve fiscal sustainability.”
The country’s real GDP during the financial year of 2013/2014 reached 2.2 percent, almost the same as in the preceding fiscal year.
The Egyptian government plans to decrease its deficit to 8.5 percent of GDP and its debt burden to within 80-85 percent of GDP, from 12.6 percent and 97 percent of GDP, respectively, by the end of the five-year forecast period.
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BBK Successfully Closes USD Benchmark Bond Offering at $500 Million, in Collaboration with a Consortium of Regional and International Banks.
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