Egypt targets GDP growth of 5.6 pct this fiscal year, 6 pct in FY 19/20

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Customers buy handmade sweets at a street market ahead of Mawlid al-Nabi, the birthday of Prophet Mohammad, in Sayeda Zainab neighbourhood in Cairo, Egypt November 18, 2018. REUTERS/Mohamed Abd El Ghany

CAIRO (Reuters) – Egypt is targeting gross domestic product growth of 5.6 percent in the fiscal year ending June, Finance Minister Mohamed Maait said on Tuesday, slightly lower than its previous target of 5.8 percent.

Maait said the government will target GDP growth of 6 percent in the 2019-2020 financial year. The country’s GDP grew at an annual rate of 5.5 percent in the period from October to December 2018, and Maait said on Tuesday that growth in the third and fourth quarters was expected to be higher still.

Reporting by Ehab Farouk; Writing by Nadine Awadalla; Editing by Peter Graff

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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