Egypt Posts Preliminary 5.3% Q1 GDP

Egypt Posts Preliminary 5.3% Q1 GDP

Egypt’s economy grew by 5.3% in Q1 2018/19, according to preliminary government data revealed by Minister of Planning, Hala El Said, Egypt Oil & Gas reports.

Natural gas was the main contributor to economic growth recording 21.8% in Q1 2018/19, followed by the communication sector 16.5%, Suez Canal 12.3%, and construction sector 6%, according to Al Ahram Newspaper.

Around 73% of GDP was made by natural gas 13%, wholesale and retail trade 10%, agriculture 9%, and communications 7%.

The natural gas, construction, and IT sectors, as well as Suez Canal revenues were the main contributors to the economic growth rate, El Said pointed out during the weekly cabinet meeting, chaired by Prime Minister Mostafa Madbouly.

A report published last week by the European Bank for Reconstruction and Development (EBRD) predicted that the Egyptian economy would grow by 5.5% in fiscal year (FY) 2018/19, up from 5.3% in FY 2017/18.

 

Sarah Samir 2825 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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