Make Kitco Your Homepage

UPDATE 1-Egypt hikes 2017-18 economic growth forecast to 5.3-5.5 pct

Kitco News

(Adds total investment, background)

By Ehab Farouk

CAIRO, Jan 13 (Reuters) - Egypt has revised up its economic growth forecast for fiscal 2017-18 that began in July to 5.3 to 5.5 percent from 4.8 percent previously, the planning minister said on Saturday.

Hala al-Saeed said gross domestic product was expected to have grown 5.2 to 5.3 percent in the second quarter that ended in December, adding that the government was aiming for 6 percent growth in 2018-19.

Egypt's economy has struggled since a 2011 uprising drove tourists and foreign investors away, two main sources of hard currency, but the government hopes IMF-backed policy changes it has embarked on over the past year will put it back on track.

Egypt is targeting a 20 percent rise in total investment for 2018-19, up from 646 billion Egyptian pounds ($36.58 billion) targeted for 2017-18, Saeed said.

To draw investment and boost growth, Egypt passed a new investment law last year offering incentives to investors, while a decision to float the pound in late 2016 led to a devaluation that made Egyptian assets relatively cheap in dollar terms.

($1 = 17.6600 Egyptian pounds)


(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Clelia Oziel and Edmund Blair)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News