Egypt's economic growth rate registered 3.4 percent of the Gross Domestic Product (GDP) in the first quarter of fiscal year 2016/17, the cabinet announced on Monday following a meeting between Prime Minister Sherif Ismail and Minister of Planning Ashraf Al-Araby. The country's economic growth stood at three percent of GDP in the first quarter of FY 2015/16. According to the cabinet, the first quarter of 2016/2017 witnessed a noticeable development in national mega-projects and an improved business environment, which was reflected in higher investment that contributed to overall growth. The government's mega projects contributed to a decline in unemployment from 12.8 percent in July to 12.6 percent in September in the first quarter of FY 2015/16, according to Al-Araby. The cabinet also reported that investment rates in Egypt rose to 12.1 percent compared to 11.3 percent in the same period in 2015/16 due to increased investment in both the public and private sectors. Al-Araby said that the trade deficit declined by 13.4 percent, reaching $8.67 billion in the above-mentioned period, with non-petroleum exports increasing by 22 percent and imports declining by 5.5 percent to reach $13.93 billion. Source: Ahram Online
