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Egyptian economy grows 5.9% in Q2

29 Jul 2010

(MENAFN) Egypt?s Economic Development Minister Osman Mohamed Osman stated that the country?s economic growth accelerated to 5.9 percent in the second quarter of 2010, boosted by construction and telecommunications, Reuters reported.

In the fiscal year that ended June 30, the economy grew 5.3 percent, Osman was cited as saying in a faxed statement from the Cabinet. Earlier, Finance Minister Youssef Boutros-Ghali gave the same figure for second quarter growth.

The economy of the most populous Arab country expanded at an average rate of 7 percent in the three fiscal years through June 2008, helped by foreign investment and revenue from tourism and the Suez Canal.

The economy expanded 5.8 percent in the first quarter of the year, compared with 5 percent in the previous three months, Osman said in May.

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