Egypt Growth Rate Improves

Egypt’s growth rate during the first quarter of fiscal year 2016/17 has seen a 3.4% improvement, said Planning Minister Ashraf al-Araby, NewsNow reported. During a press conference on Sunday, Araby said investment rates rose from 1% during Q1 of FY 2015/16 up to 1.8% during Q1 of the same period of this year. The consumption rate went from 6.2% down to 2%, while exports declined from 2.1% to 0.4%, which resulted in a decrease in the trade balance deficit. Regarding sectors that witnessed significant growth, Araby indicated a 8.2% growth rate in the construction sector, and an 11% growth in telecommunications. However, the tourism sector saw a 37.5% decline.