The European Bank for Reconstruction and Development (EBRD) predicts that Egypt’s economy will grow at 4.5% in fiscal year (FY) 2017/2018, Egypt Oil & Gas reports.
Higher tourism numbers and healthier oil exports are contributing to economic growth, according to the bank, despite high inflation.
“Oil exports rebounded in the second half of FY2016/2017, following three years of contraction,” the ERBD notes.
In addition to oil exports and tourism, economic reforms and foreign investment are factors in economic expansion, according to the bank.
The International Monetary Fund (IMF) also predicted that Egypt economy would grow at 4.5% during the current fiscal year, Amwal Al Ghad reported in October.
The economy grew at 4.1% in FY 2016/2017, according to the EBRD.