Egypt sees 5.3% growth this fiscal year

12 May 2010

(MENAFN) Egyptian said Economic Development Minister Osman Mohamed Osman said that the economy could grow 5.3 percent this fiscal year following last quarter’s better-than-expected performance, Reuters reported.

Osman said gross domestic product (GDP) could grow as much as 5.3 percent in fiscal 2009/10, up from a previous estimate of 5 percent, and 6 percent in 2010/11, up from an estimate of 5.8 percent. Egypt’s financial year runs from July 1 to June 30.

Egypt could attract $7.5 billion in foreign direct investment (FDI), a vital source of foreign currency for the North African country, in this fiscal year and could draw $10 billion in 2010/11, Osman added.

Earlier, Egypt said its economy grew by an annualized 5.8 percent in the three months to the end of March, driven by improvements in manufacturing, tourism and Suez Canal revenues.

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