CAIRO (Reuters) - Egypt’s gross domestic product is expected to grow by about 5.8 to 6.0 percent in the fiscal year to end-June 2011, the ruling National Democratic Party said in a statement on Saturday.
The government had been predicting growth of 6 percent during the year. Its economy grew by around 7 percent in each of the three years before the global economic crisis.
Growth then slipped to 4.7 percent in 2008-09, and was 5.1 percent in 2009-10. Egypt’s financial year runs from July 1 to June 30.
A Reuters poll of 12 economists predicted Egypt’s GDP would grow 5.4 percent in the fiscal year ending June 2011, based on the median figure. Egypt’s economy is seen growing faster than all Gulf Arab states except Qatar.
Reporting by Marwa Awad