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FINANCIAL NEWS
Egypt lowers growth forecast to 2.5%
15 Apr 2013
(MENAFN) Egypt’s planning minister, Ashraf El-Araby, revised down the country’s economic growth forecast for the current fiscal year ending June, his second forecast reduction in 2013, reported Arabian Business citing state news agency MENA.
El-Araby was quoted as saying that for the 2012/13 fiscal year, Egypt’s gross domestic product (GDP) growth would be at 2.5 percent.
The new estimate is higher than the 2.4-percent current growth level.
It is worth noting that in February, El-Araby also revised down Egypt’s GDP growth to 3 percent from an earlier forecast of 4 percent due to the political events.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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