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Egyptian economy grows 2.2% in 2012-2013

19 Jun 2013

(MENAFN) Egypt’s Investment Minister, Yahya Hamed, stated that the country’s economy grew by 2.2 percent in the fiscal year 2012-2013, reported Xinhua News.

Hamed also said Egypt’s state budget deficit in 2013 stands at USD31.4 billion, which is 11 percent of GDP. The main reason for this according to him is petroleum commodities subsidy which amounts to USD21.4 billion.

The minister added that the growth in economy came as a good sign of the economic strentgh of the country as it endures a difficult political state.

It is worth noting that the Egyptian goverment sees next year’s growth to range between 3.5 and 4 percent backed by an increase in direct foreign investment volume to USD100 million as is planned by the government.

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