Egypt revised its gross domestic product (GDP) growth figure for the April-June quarter to 5.4 percent from a previously stated 5.9 percent, the Ministry of Planning said on Thursday according to a Reuters report. It also revised GDP growth for the fiscal year that ended June 30 to 5.1 percent from a previously stated 5.3 percent, it said in an e-mailed statement. The government said last month that it expects GDP to grow by 6 percent in the current 2010/11 fiscal year, Reuters reported. Egypt's real GDP rose to 5.6 percent during quarter one of 2010/11, Bloomberg reported, citing cabinet spokesman Magdy Rady, boosted by tourism, manufacturing and domestic consumption. In its daily market report, Beltone Financial said, the "revised fourth quarter 2009/10 to 5.4 percent from the initial government estimate of 5.9 percent brings overall real GDP growth during 2009/10 to 5.15 percent, coming in line with our forecast 5.10 percent.” The firm said it is currently revising growth estimate for fiscal year 2010/11, “which we currently have at 5.49 percent, but believe it will likely be higher and come within the government's expectation of 6 percent.” This reflects the “continued rebound in the Egyptian economy, particularly where related to domestic demand.” Beltone said Suez Canal receipts have been exhibiting healthy annual increases during the first three months of the current fiscal year, while tourism also seems to have recovered. “We do not expect, however, that the forecast recovery during fiscal year 2010/11 would bring real GDP growth to pre-crisis levels, pending the conclusion of the parliamentary and presidential elections, when more reformist policies could be implemented, and the pick-up in the global economy gains more momentum.”
