Egyptian economy has achieved a growth rate of 8.3% in the second quarter of the current fiscal year and 9.8% in the first quarter according to Prime Minister Mostafa Madbouli
It means that the average growth rate for the first half of the year, from July to December, hit 9%, the premier said in a press conference following the government meeting held at the New Administrative Capital.
These figures show that the Egyptian economy has recovered and the growth process achieved during this period of the current fiscal year has been accelerating.
Comparing these figures with the previous year, in which the entire world was affected by the coronavirus pandemic and the country’s growth rate recorded less than 2%, it is believed that the growth rate in the second half of the year will reach 6%, the highest in the world, Madbouli said.
A report submitted by Planning Minister Hala el Saeed has shown a drop in the unemployment rate, he added.
He noted that the world is facing a great inflation problem and there are developed countries whose inflation rate hit 5.5%.
As per figures announced by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s inflation rate stood at 8%, the same as recorded before the emergence of the coronavirus, going in line with the country’s targets, he said.
The prime minister said the State exerts great efforts to provide basic commodities under whatever circumstances thanks to the good planning and securing strategic reserves for several months.
The State is implementing national mega projects and working to increase the agricultural areas and land reclamation, he said, adding that very large areas are set to be added as part of these efforts within two or three years to be able to withstand any global changes as regards the prices of goods.
The premier said that hikes in fuel prices in Egypt stood at 9.7% despite the coronavirus pandemic with the price of diesel fuel being kept unchanged, while the international fuel prices went up 54%.
The prime minister described building on agricultural lands as a crime against the coming generations, highlighting the role of national media in showing the gravity of the damage caused by this issue.
The State is also working hard to boost local industry in a way that would help increase the country’s exports, Madbouli stressed.
