January 13, 2018 / 11:13 AM / in 5 months

Egypt GDP growth for fiscal 2017-18 revised up to 5.3-5.5 pct -minister

CAIRO, Jan 13 (Reuters) - Egypt has revised its GDP forecast for the 2017-18 fiscal year beginning in July up to 5.3-5.5 percent, from 4.8 percent previously, Planning Minister Hala al-Saeed said on Saturday.

Saeed said the economy is expected to have grown 5.2-5.3 percent during the second quarter of the current fiscal year, which ended in December. The economy is expected to grow by 6 percent in the next fiscal year, she added.

Egypt’s economy has struggled since a 2011 uprising drove tourists and foreign investors away, two main sources of hard currency, but the government hopes that IMF-backed reforms it has embarked on over the past year will put it back on track. (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Clelia Oziel)

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