Egypt said on Wednesday its economy could grow faster than officials had previously forecast for this fiscal year and next, revised higher after a stronger-than-expected expansion in the period January to March. Egypt's gross domestic product (GDP) could grow as much as 5.3 per cent in the fiscal year 2009/10, up from a previously predicted 5 per cent, and 6 per cent in 2010/11, up from 5.8 per cent, Economic Development Minister Osman Mohamed Osman said. Egypt's financial year runs from July 1 to June 30. "In light of a higher-than-expected third quarter (of the fiscal year 2009/10 or January to March), I expect GDP to exceed expectations this year and the next," he told reporters. Egypt on Monday said its economy grew by an annualised 5.8 per cent in the three months to end-March, driven by improvements in manufacturing, tourism and Suez Canal revenues. It was the fastest pace of growth for Egypt in two years, Osman said. The global downturn had curbed tourism growth in the Arab world's most populous country as well as foreign direct investment and Suez Canal revenues, dampening growth to 4.7 per cent in 2008/09 from a record high 7.2 per cent in 2007/08. A Reuters poll of 14 economists in April forecast Egypt's economy would grow at 4.7 per cent in 2009/10, 5.0 per cent in 2010/11 and 5.3 per cent in 2011/12. Egypt in March said it expected its economy to grow by about 6.5 per cent in 2011/12.
