CAIRO: Egypt’s economy grew 1.2 percent in the first half of fiscal year 2013-14, the minister of planning said yesterday.
Ashraf al-Arabi said Egypt had spent 25bn Egyptian pounds ($3.59bn) of 64bn pounds pledged in stimulus packages, with much of that money coming in aid from the United Arab Emirates.
“We aim to achieve a growth rate in the third quarter of more than 2 percent,” al-Arabi added. Egyptian gross domestic product in the last fiscal year, which ended on June 30, was up 2.1 percent.
Egypt’s finance minister last week revised down the growth target for the current fiscal year to between 2 and 2.5 percent from 3 to 3.5. Reuters
