CAIRO, March 17 Egypt's economy grew 1.2 percent
in the first half of fiscal year 2013/14, the minister of
planning said on Monday.
Ashraf al-Arabi said Egypt had spent 25 billion Egyptian
pounds ($3.59 billion) of 64 billion pounds pledged in stimulus
packages, with much of that money coming in aid from the United
"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
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.
Economists polled by Reuters in January saw 2 percent growth
for the year ending June 2014.
Three years of political unrest since a popular uprising
ousted Egyptian President Hosni Mubarak have scared away many
investors and tourists, weighing on economic growth.
The army toppled Islamist President Mohamed Mursi in July,
triggering unrest. Security forces have killed about 1,000 Mursi
supporters and arrested many more in a tough crackdown.
Analysts see the army-backed authorities as anxious to get
the economy moving to shore up public support and curb the scope
for more unrest as the government moves along a political
transition plan leading to elections this year.