Cabinet: Int’l institutions hail Egyptian economic growth rate in 2019

The cabinet’s media center reviewed the most important economic indices in 2019 and reports of key international organization which hailed the improvement in the Egyptian economic performance and accelerating growth rate in general in 2019.

In an infograph, the center said the Egyptian economy is moving steadily to realize growth under the economic reform program which the government has launched since 2016.

According to infograph, the Egyptian economic growth rate upped to 5.6 percent in 2018-2019 against 5.3 percent in 2017-2018.

This has contributed to boosting public and private investments by 27.9 percent to stand at EGP 922.5 billion in 2018-2019 against EGP 721.1 billion in 2017-2018.

Unemployment rate was down to 7.8 percent in the third quarter of 2019 against 10 percent in the corresponding period in 2018.

Tourism revenues rose by 28.6 percent to register dlrs 12.6 billion in 2018-2019 against dlrs 9.8 billion in 2017-2018.

The net hard currency reserves hit its highest record with its 6.7 percent rise standing at dlrs 45.42 billion in the end of December 2019 against dlrs 42.55 in December 2018.

According to the infrograph, Egypt ranked third on The Economist’s list for the most accelerated economic growth globally in the third quarter of 2019.

Egypt also occupied the 114th position in the Doing Business 2020 report of the World Bank against the 120th position in the 2019 report.

Egypt maintained its position as the most attractive for foreign direct investments in the first half of 2019, according to the UNCTAD report.

Egypt’s credit rating has improved from B to B+ with stable outlook, according to Fitch Ratings.

Source: State Information Service Egypt