Egyptian economy expands 5.1% in Q4

11 Feb 2009

(MENAFN) The Egyptian Cabinet said in a statement that the country’s gross domestic product (GDP) increased by an annualized 5.1 percent in the fourth quarter of 2009, led by technology, construction and hotels and restaurants, Reuters reported.

The economy grew 4.9 percent in the previous quarter while in fiscal 2008/09, which ended in June, it grew 4.7 percent.

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.

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.

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