Planning Ministry – Growth Rate Hits 3 Percent in 2014-2015 Q3

Egypt’s growth rate hit 3% during the period between January-March of the financial year 2014/2015 compared with 2.5% during the same quarter of FY 2013/2014, the Planning Ministry said.

The Ministry mentioned that the economic growth rate hit 4.7% during the period between July-March 2014/2015 compared with 1.6% in the same period of the previous year.

Unemployment rate reached 12.8% in the nine-month period, while youth unemployment declined to 32.8%, the ministry said in a report.

The budget deficit hit 9.4% of the gross domestic product in the prescribed period, the report added.

The deficit in the balance of trade recorded $29.6 billion, while deficit in the balance of payments hit one billion dollars, it added.