Egypt’s PM: Economy Expected to Grow by 5.5 Percent
Egypt’s economy is expected grow by 5.5 percent this year despite the gloomy economic outlook of many analysts, Egyptian Prime Minister Atef Ebeid was quoted as saying by the weekly Midle East Times.
Ebeid told the Lebanese monthly Al Iqtisad Wal Amal that "he expected average GDP growth of 5.5 percent, inflation of less than three percent, a budget deficit of less than four percent."
"Foreign debt has been reduced to $26.5 billion and our ability to service the debt has strengthened in that it represents 8.5 percent of our foreign currency income," he was quoted as saying.
Government statistics in December showed GDP rose by 6.5 percent in the 1999/2000 financial year from 6.1 percent the previous year, while year-on-year inflation in December stood at 2.5 percent versus 2.9 percent, said the Middle East.
The government says the budget deficit stood at around one percent of GDP in 1998/99 and 1999/2000 – Albawaba.com