Egypt's gross domestic product growth is likely to be 0-1 per cent in the 2010-2011 fiscal year, the country's minister of social solidarity said on Friday. "We have enough data to allow us to conclude that the growth rate for 2010-11 is going to be between 0 and 1 per cent," Gouda Abdel-Khalek said at the African Development Bank's annual meeting in Lisbon. "Our expectations for 2011-12, from next month we are targeting 2-3 per cent, probably closer to 2 than 3," he added. Egypt's balance of payments swung into a deficit of $6.1 billion in the first quarter due to the political turmoil in Egypt and the region. Egypt said in March its growth could slow to 3 per cent for the financial year to the end of June.
