Climate finance must be fairer for emerging economies: Finance Minister    Al-Sisi orders expansion of oil, gas and mining exploration, new investor incentives    Cairo intensifies regional diplomacy to secure support for US Gaza resolution at UN    Egypt unveils National Digital Health Strategy 2025–2029 to drive systemwide transformation    Minapharm, Bayer sign strategic agreement to localize pharmaceutical manufacturing in Egypt    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    ADCB launches ClimaTech Accelerator 2025    Egypt's FRA approves first digital platform for real estate fund investments    Egypt signs 15-year deal with Deutsche Bahn-El Sewedy consortium to run high-speed rail network    Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's growth rate sluggish: 1.6% Y-o-Y in Q1 of 2013/14
Economic growth rate down by 0.5 percent, as compared to 2012/13 final quarter, but investment up by 45.4 percent, according to finance ministry
Ahram Online Published in Ahram Online on 12 - 02 - 2014

Egypt's economic growth rate shrank by 0.5 percent, recording 1 percent in the first quarter (Q1) of the 2013/14 fiscal year, down from 1.5 percent in the final quarter 2012/13, the finance ministry said on Tuesday.
The growth rate during the period between July-September 2013 was down 1.6 percent as compared to the same quarter of the fiscal year 2012/13, where the growth rate stood at 2.6 percent.
Meanwhile, gross domestic product (GDP) at current prices rose from LE445.8 billion ($64 billion) in the Q1 of 2012/13 to LE518 billion ($74.4 billion) in the Q1 of 2013/14, according to data from the finance ministry.
Total investment rose annually by 45.4 percent to LE54.6 billion ($7.8 billion) in the July-September period of 2013/14, up from LE49.3 billion ($7 billion) in the same quarter 2012/13. However, total investment fell by 45.4 percent quarter-on-quarter.
Egypt's minister of planning and international cooperation Ashraf El-Araby was not optimistic about growth prospects for the Q1 of the current 2013/14 fiscal year, which began in July.
“It is normal to have slow growth in the first three months of every fiscal year,” El-Araby told Ahram Online in September. “But in this fiscal year (2013/14) we will see poorer growth due to a variety of incidents that might have had negative impacts.”
The Islamic fasting month of Ramadan, a new government, the dispersal of Islamist sit-ins in Cairo and Giza after the ouster of president Mohamed Morsi amid nationwide protesters against his rule, followed by the imposition of a state of emergency and a curfew, were all taking their toll on the country's growth, El-Araby added.
Egypt's budget deficit shrank by 6.3 percent in the first half of the 2013/14 fiscal year, as compared to the same period of the previous fiscal year, according to the finance ministry's latest bulletin.
The deficit reached LE89.4 billion ($12.9) between July and December 2013, down from the LE91.4 billion ($13.3) recorded in the first half of the previous fiscal year.
http://english.ahram.org.eg/News/94083.aspx

Clic here to read the story from its source.