Egypt’s GDP Growth Climbs

Egypt’s gross domestic product growth for 2015/16 climbed to 4.3% from 4.2% in the previous year, Egypt’s Prime Minister Sherif Ismail told Reuters on Monday, Kitco reported. The budget deficit widened to 12.1%, Ismail said, from 11.5% a year earlier. The prime minister’s GDP figure differed from a report from two finance ministry officials earlier on Monday that Egypt’s GDP grew 3.8% in 2015/16. Both figures were lower than the targeted growth of 5% for the year. Meanwhile, Egypt jumped 49 places in issuing building permits in the Doing Business in 2017 report, issued by the World Bank Group, to rank 64 compared to 113 in 2016.