BREAKING NEWS

Egypt's Sisi says military accounts for 1.5-2 percent of economy

By REUTERS

DECEMBER 24, 2016 12:55

Egyptian President Abdel Fattah al-Sisi said on Saturday that the military's economic activity accounted for no more than two percent of the country's economy.

Speaking at an event celebrating the expansion of a military-owned company, Sisi said the military made up 1.5-2 percent of economic output which he said was 3-4 trillion Egyptian pounds ($160 billion-$213 billion).

That would put the military's share of economic activity at between $2.39 billion and $4.26 billion.

The economic weight of the military, which produces everything from bottled water to macaroni, has long been a topic of speculation in Egypt but official comment on the scope of its economic activities is rare.

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