Browsing: Egypt maintains 3.6% GDP growth

Egypt maintains 3.6% GDP growth in FY20 despite pandemic

Egypt maintained its Gross Domestic Product (GDP) growth rate at 3.6 per cent during the last fiscal year (FY) 2019/20, despite the economic challenges presented by the pandemic, according to Egypt’s Minister of Finance Mohamed Maait.

The minister’s remarks came during his participation in virtual meetings organised by Bank of America during the International Monetary Fund’s (IMF) fall meetings.

Minister Maait said that Egypt was able to reduce its deficit–to-GDP ratio to 7.9 per cent in FY 2019/20, compared to the 8.2 per cent recorded in FY 2018/19.

At the end of June 2020, Egypt also achieved a primary surplus of 1.8 per cent despite the negative repercussions caused by Covid-19.

He also added that in the same period, the country was also able to reduce its debt-to-GDP ratio to 87 per cent compared to the 90.4 per cent recorded in the same period in 2019 and 108 per cent …