Planning Minister Ashraf El Araby announced indicators and performance of key economic sectors during 1Q for the FY 2016-17 fiscal year, in a press conference following the cabinet meeting on Wednesday. Overall, economic growth for the quarter reached 3.4%, in line with the government’s target of 4% by FY 2016-17. Foreign direct investment grew to USD 1.9 bn, up from USD 1.3 bn in 1Q15-16. Imports fell to USD 13.9 bn for the quarter from USD 14.7 bn during the same period last year. The highest performing sectors include the ICT and construction sectors which grew 11.2% and 8.2% respectively, said El Araby. Tourism revenues fell 37.5%, Al Shorouk reports. Unemployment fell marginally to 12.6% from 12.8% during the same period in FY2015-16.

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