The Egyptian economy is expected to post a growth rate for local income of 3.7 percent for the year 2011-2012, according to a recent international report prepared by the Unit for Exchanging Economic Information. The Egyptian general budget deficit will reach 10.2 percent, the report also claims. In addition, the Egyptian is expected to lose some value in 2011. The Update of Information Center prepared the report, which confirmed that the real growth rate reached 1.8 percent in 2010-2011. The Egyptian economy gained 0.4 percent during the last quarter of 2010-2011. The slight increase is as a result of Suez Canal revenues, which represent 17.8 percent of the total national income. The Information Technology and Communication sectors grew annually by 6.5 percent, the Utilities sector grew 4.5 percent and the Construction sector grew 3.7 percent, according to the report. Tourism took the largest hit, however, with a 5.6 percent decline. Growth rates retreated in the third quarter of 2010-2011. The Construction sector fell 0.3 percent, the Transportation sector fell 3.4 percent and the retail sector slid 2.1 percent. Tourism income also lost U.S. $3.6 billion between January and June 2011, the report claims.
