Published On: Thu, Jan 1st, 2015

Egypt’s growth rate hits 2.1 pct in FY ’13-14



Egypt’s growth rate during Fiscal Year (FY) 2103-14 has reached 2.1 percent, Governor of Central Bank of Egypt (CBE) Hesham Ramez emphasized.
Sectors of trade, and industry and real estate activities as well as social services have seen a recovery that contributed to alleviating impacts of the slowdown which has affected some major sectors such as tourism, he said.
During today’s meeting of the economic ministerial committee chaired by Prime Minister Ibrahim Mahlab and attended by some ministers, the Middle East News Agency (MENA) stated Ramez referred in a report the total investments implemented in FY 2013-14 reached LE 265.1 billion, a rise of 9.7 percent compared to the previous year.
The contributions of private sector rose by 11.2 percent, reaching LE 165 billion, making up 62.2 percent from the total investments, he said.
One Egyptian Pound equals USD 0.139.
He noted that the net foreign direct investment in the FY 2013-14 hit about USD 4.1 billion compared to USD 3.8 billion last year due to the rise in the net of investments flow in the oil sector.
The value of total deposits reached LE1106 billion, a rise of 16.2 percent compared to 16.1 percent in the previous year, he said.

Source : KUNA Kuwait News agency

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