Egypt’s economic growth rate reached 5.5% during the first half of fiscal year (FY) 2018/19, increasing 0.2% from the rate in the same period of FY 2017/18, stated Hala El Saeed, Minister of Planning, Egypt Oil & Gas reports.

Meanwhile, global economic growth recorded 3.5% during FY 2018/19, El Saeed said during the Cabinet meeting chaired by Prime Minister, Mostafa Madbouly, on January 30th.

The Egyptian government targets boosting economic growth rate to 5.6% during the second half of FY 2018/19.

Extractive sectors, including oil, gas, and minerals sectors, were among the five top industries contributing to the country’s economic growth as they achieved 13.2% growth, recording 25% of Gross domestic product (GDP) growth during Q2 FY 2018/19, El Saeed noted.