The Egyptian story in numbers

The Egyptian Gazette, 29 December 2010--People may differ about what they think of 2010. But numbers tell the truth. If we take a brief look at some statistics and indicators for this year, we have to admit that Egypt really hasn’t gone too far in 2010. Egypt now ranks 101 in the United Nation Development Index, up two places from 103 in 2005. Egypt also ranks 17th among 135 countries that have made progress in long-term development. There are nine things Egypt needs to do, pointing out that youth should always be the focus of any development. It also shows that the economic crisis is still hindering the efforts to achieve the Millennium Development Goals (MDGs) that should be fulfilled by 2015. Egypt’s economy expanded 5.6 per cent in the third quarter of the fiscal year 2009/2010, up from 5.4 per cent in the previous three months.

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Egypt GDP growth seen at 5.8 – 6%

The Egyptian Gazette, 27 December 2010--Egypt’s gross domestic product is expected to grow by about 5.8 to 6 percent in the fiscal year to end – June 2011. The Egyptian Government had been predicting growth of 6 percent during the year. Its economy grew by around 7 percent in each of the 3 years before the global economic crisis. Growth then slipped to 4.7 percent in 2008-09, and was 5.1 percent in 2009-10. Economy expected to grow by 7 percent in the financial year from July 2011, and by 8 to 8.5 percent the year after, up from 5.1 percent in the year ended June 30, 2010. The Government’s budget deficit goal for this year was 7.9 percent of gross domestic product, but that a deficit of 7.5 percent was likely. Egypt lowered its GDP growth figure for the last fiscal year in October, to 5.1 percent from a previously stated 5.3 per cent. Economists say Egypt Must sustain growth at higher rates to create jobs for its growing population.  

Egypt's economy to grow steadily next 2 years

The Egyptian Gazette, 23 December 2010--Egypt's economy will grow steadily over the next two years thanks to growing private investment but the expansion will be slower than that forecast by government officials.  The survey of 12 economists predicted gross domestic product (GDP) in the Arab world's most populous nation would grow 5.4 per cent in the fiscal year ending June 2011, based on the median figure. Egypt's economy is seen growing faster than all Gulf Arab states except Qatar.
Forecasts from 13 economists showed it would grow 5.5 per cent the year after, boosted by more private investment and a recovery in Suez Canal and tourism revenue. Egypt lowered its GDP growth figure for the last fiscal year that ended June 30, 2010 to 5.1 per cent from a previously stated 5.3 per cent. The poll forecast inflation would accelerate to an average of 11.4 per cent in the 2010/2011 financial year, before falling to 10 per cent the year after. Urban consumer price inflation, the most closely watched indicator of prices, fell in the year to November to its lowest in 15 months at 10.2 per cent. The Central Bank of Egypt held its benchmark overnight lending rate steady at 9.75 per cent. The Egyptian pound, which fell this week to its weakest level against the US dollar since February 2005 to 5.8021, is seen remaining relatively steady at 5.80 for the financial year ending in June 2011 and the year after.

Egypt GDP grows by 5.5% in Q1

The Egyptian Gazette, 18 December 2010--Egypt’s gross domestic product (GDP) grew by 5.5 percent in the quarter that ended September 30 (the first quarter of fiscal year 2010/2011), up from 5.4 percent the previous quarter, citing the Central Bank of Egypt. Egypt’s GDP grew by 5.1 percent during the entire financial year that ended on June 30, according to official statistics.

Growth seen at 7% next year

Egyptian Mail, 14 December 2010--Egypt’s finance Minister Youssef Boutros Ghali said yesterday he expected the economy to grow by 7 percent in the financial year from July 2011, and by 8 to 8.5 percent the year after, up from 5.1 percent in the year ended June 30, 2010. The government’s budget deficit goal for this year was 7.9 percent of gross domestic product (GDP), but that a deficit of 7.5 percent was likely. Ghali said he expected a deficit of 6.5 percent in 2011-12.
Next year we will cruise at 7 (percent), after that 8 to 8.5 percent. Egypt lowered its GDP growth figure for the last fiscal year in October, to 5.1 percent from a previously stated 5.3 percent. The economy had grown by about 7 percent a year prior to the global financial crisis, above the 6 percent annual rate economists say Egypt must sustain to create jobs for its growing population. Egypt’s budget deficit in the fiscal year ended June 2010 was narrower than first thought, at 8.1 percent of GDP, the Finance Minister said in October, boosted by the success of a new tax regime.