Saturday, July 14, 2012

#Egypt's economy grew between 1.8 and 2 per cent in the fiscal year that ended in June 2012

Tiny Klout Flag68Ahram Online ‏@ahramonline
Egypt economy grew 1.8 pct in 2011/12: Initial data via 
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Egypt growth
Egyptian 2011/12 growth in line with recent expectations (Photo: AP)

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    • Egypt's economy grew between 1.8 and 2 per cent in the fiscal year that ended in June 2012, the country's finance minister said late last week.
    The preliminary figures for GDP growth cited by Momtaz El-Saeed were in line with predictions for 2011/12 made by experts in Cairo.
     
    Beltone Financial, a local investment bank, previously forecast an acceleration of real GDP growth from 1.8 per cent in financial year 2010/11 to 2 per cent in 2011/12.
     
    In April, the International Monetary Fund's World Economic Outlook report estimated Egyptian GDP growth at around 1.5 per cent for the 2012 calendar year.
     
    A note from Beltone on Thursday predicted 3 per cent growth in the 2012/13 fiscal year, which started 1 July, dependent on newfound political stability spurring domestic demand.
     
    But the bank suggested that growth could falter if continued political upheaval postpones economic policy-making.
     
    "Domestic pressures are also now coupled with external pressures emanating from a weakening global growth, which negatively impacts Egypt’s external sector and pressures its domestic currency even further," the note said.
    Posted by Robby Ball at 6:32 PM