Cabinet reviews economic performance in 1Q2018/19

CAIRO - 8 November 2018: The cabinet reviewed Wednesday the latest macroeconomic fundamentals during the first quarter of the 2018/2019 fiscal year.

Egypt’s economy expanded around 5.3 percent during this period, backed by gas, communications, construction sectors along with the Suez Canal revenues, as they highly contributed to the growth, Planning Minister Hala el-Saeed said.

The economic indices showed a decline in the inflation to 14 percent in 1Q2018/19, compared to 33.4 percent to the same period in 2017/18, el-Saeed said.

Goods exports surged by 13.2 percent, she added.

Prime Minister Mostafa Madbouli praised the economic performance, which proved the government’s efforts to spur growth in different sectors.