BREAKING NEWS

Egypt premier projects GDP growth of 6%

By ASSOCIATED PRESS

SEPTEMBER 23, 2010 13:42

CAIRO— Egypt's prime minister is predicting the country's economy could grow by six percent in the current fiscal year, boosted by strong first quarter results in the key sectors.

The official MENA news agency quoted Ahmed Nazif on Thursday as saying that first quarter figures, to be released in October, show growth in tourism, exports and domestic investments.

He said foreign investments had reached $6 billion. The report did not clarify the timeframe for that figure.

Egypt's GDP growth dropped from slightly over 7 percent in the three years preceding the global financial meltdown to 4.7 percent. GDP grew by 5.3 percent in the last fiscal year, and the government is targeting growth of 5.8 percent for the current fiscal year ending in June 2011.

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