Preliminary gov’t figures show Egypt’s GDP growth at 5.3% in 1Q18-19

Economy grew 5.3% in 1Q18-19, according to preliminary gov’t figures: Egypt’s GDP grew 5.3% y-o-y during the first quarter of FY2018-19, according to preliminary figures made public yesterday by Planning Minister Hala El Said told cabinet. Growth was driven by the gas, ICT, and construction sectors, as well as Suez Canal revenues. The government is targeting GDP growth of 5.5% for the current fiscal year. Projections for GDP growth in FY2018-19 from HSBC, the European Bank for Reconstruction and Development, Capital Economics, Fitch Group’s BMI Research, and economists polled by Reuters have ranged between 3.8% and 5.5%. Reuters has also picked up the story.