Egypt's annualised GDP grows 5.1pc
Cairo, February 11, 2010
Egypt's gross domestic product increased by an annualised 5.1 percent in the three months to end-December, led by technology, construction and hotels and restaurants, the cabinet said.
The economy grew 4.9 percent in the previous quarter while in fiscal 2008/09, which ended in June, it grew 4.7 percent.
The Oct-Dec quarter growth was spurred by "a strengthening world economy, increased confidence in the Egyptian economy and business climate and continuing local consumer demand that is pushing the economy," a statement released by the cabinet said.
Construction grew by 11.5 percent, the hotels and restaurant sector by 13.1 percent and the communications and information sector by 12.8 percent, the statement said.
A Reuters survey of 15 economists on Jan 26 suggested that gross domestic product growth would accelerate to 5 percent in this fiscal year and to 5.5 percent in 2010/11.
The economy slowed sharply last year after the global crisis hit exports, investment, tourism revenues and Suez Canal receipts. In the three years before the slowdown, growth in the North African country was around 7 percent a year.
Prime Minister Ahmed Nazif said in October his government aimed to get back above 7 percent within two years. The central bank cut interest rates six times from February to September 2009 to encourage growth, but it has left rates unchanged at its last three policy meetings. - Reuters