{"id":637731,"date":"2017-11-23T04:07:10","date_gmt":"2017-11-23T04:07:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/"},"modified":"2017-11-23T04:07:10","modified_gmt":"2017-11-23T04:07:10","slug":"egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/","title":{"rendered":"Egypt GDP growth rate climbs to 5.2% in 1QFY2017-18"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egypt\u2019s economy grew 5.2% in the first quarter of FY2017-18 from 3.4% in the same period last year, <\/strong>Planning Minister Hala El Said announced yesterday, <a href=\"https:\/\/www.reuters.com\/article\/egypt-economy\/egypts-gdp-growth-at-5-2-pct-during-q1-fy2017-18-planning-minister-idUSC6N1L201D\">reports Reuters<\/a>. The government is targeting a growth rate of 5-5.25% for the full fiscal year.<\/p>\n<p><strong>The first quarter of the fiscal year also saw Egypt record its lowest primary budget deficit figure in a decade<\/strong>, <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/cabinet-meeting-no-97.aspx\">according to a statement from the Ismail cabinet<\/a>. The primary budget deficit dropped to 0.1% of GDP during the quarter, from 0.9% a year before. Results also show that Egypt, for the first time in years, achieved a primary surplus of around 0.2%. The overall budget deficit also shrunk to 1.9% of GDP, compared to 2.2% in the first quarter of the previous fiscal year. Government income also grew by 33% y-o-y, exceeding the 23% y-o-y growth in expenditures during the three-month period.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The IMF\u2019s new Egypt boss, Subir Lall, had glowing things to say yesterday,<\/strong> noting that the nation\u2019s economic reform program continues to pay off. He said in particular the drop in Egypt\u2019s unemployment rate and rising FX reserves as other key metrics showing signs of improvement. Lall also praised the central bank\u2019s monetary policy, saying he approved of the Monetary Policy Committee\u2019s decision last week to leave our ridiculously high interest rates on hold, saying they will continue to keep inflation levels stable, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1222091\">Al Masry Al Youm reports<\/a>.<\/p>\n<p>(That last bit simply makes us want to scream: <strong>INTEREST RATES ARE NOT AN EFFECTIVE MEANS OF TRANSMITTING MONETARY POLICY IN A NATION WHERE AT LEAST 70% OF THE POPULATION IS UNBANKED. <\/strong>We get it, Mr. Lall. You let us here in Egypt off the hook and the IMF undercuts its bargaining position in the next market it needs to bail out \u2014 a market where, presumably, the majority of folks are banked. But still: Current interest rates are great for the carry trade, not so much for those of us looking to grow real businesses that create jobs and economic opportunities.)<\/p>\n<p><strong>Lall also had warnings on possible threats to the progress of the reform program. <\/strong>He pointed to regional instability and the rise in oil as some of the biggest risks facing the program. On the latter, he said that the government may need to reassess its spending if oil prices continue to rise. <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22112017&id=26933d96-1de9-43d4-b937-dbb1b544f482\">In an interview with Al Shorouk,<\/a> Lall added that he does not see next year\u2019s presidential election posing a risk to the reform agenda.<\/p>\n<p>And speaking of the IMF, <strong>Egypt is set to receive its USD 2 bn loan tranche from the Fund in December<\/strong>, Finance Minister Amr El Garhy said yesterday. \u201cThe payment will bring total disbursements under the program to about USD 6 bn,\u201d <a href=\"https:\/\/www.reuters.com\/article\/egypt-imf\/egypt-to-receive-next-imf-loan-disbursal-in-december-minister-idUSC6N1JA027\">Reuters notes<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s economy grew 5.2% in the first quarter of FY2017-18 from 3.4% in the same period last year, Planning Minister Hala El Said announced yesterday, reports Reuters. The government is targeting a growth rate of 5-5.25% for the full fiscal year. The first quarter of the fiscal year also saw Egypt record its lowest primary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-637731","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b6d32d86-c412-4dfd-addf-fd8ee8b14da6","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[637721],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt GDP growth rate climbs to 5.2% in 1QFY2017-18 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt GDP growth rate climbs to 5.2% in 1QFY2017-18\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s economy grew 5.2% in the first quarter of FY2017-18 from 3.4% in the same period last year, Planning Minister Hala El Said announced yesterday, reports Reuters. The government is targeting a growth rate of 5-5.25% for the full fiscal year. The first quarter of the fiscal year also saw Egypt record its lowest primary [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-23T04:07:10+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt GDP growth rate climbs to 5.2% in 1QFY2017-18\",\"datePublished\":\"2017-11-23T04:07:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/\"},\"wordCount\":459,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/egypt-gdp-growth-rate-climbs-to-5-2-in-1qfy2017-18\/\",\"name\":\"Egypt GDP growth rate climbs to 5.2% in 1QFY2017-18 - 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Inflows into state coffers rose 33% y-o-y to EGP 129 bn during\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591928,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/egypt-records-state-budget-deficit-of-2-1-in-1q2019-20\/","url_meta":{"origin":637731,"position":1},"title":"Egypt records state budget deficit of 2.1% in 1Q2019-20","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"BUDGET WATCH- State records budget deficit of 2.1% in 1Q2019-20: The Finance Ministry\u2019s latest fiscal performance report (pdf) showed a budget deficit of EGP 131.5 bn (2.1% of GDP) in the first quarter of FY2019-2020, compared to EGP 102.4 bn (1.9%) in July-September of FY2018-2019. Revenues for the quarter came\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598693,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/egypts-budget-deficit-hits-5-3-of-gdp-in-9m2018-2019\/","url_meta":{"origin":637731,"position":2},"title":"Egypt\u2019s budget deficit hits 5.3% of GDP in 9M2018-2019","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"Egypt\u2019s budget deficit fell to 5.3% of GDP in 9M2018-2019, compared to 6.2% in the same period the previous year, the Finance Ministry said in its April monthly bulletin (pdf). The primary surplus came at 0.7% of GDP during the first nine months of the fiscal year. The numbers came\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631101,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/11\/finance-ministry-updates-projection-for-budget-deficit-this-year-to-9-6-9-8-of-gdp\/","url_meta":{"origin":637731,"position":3},"title":"Finance Ministry updates projection for budget deficit this year to 9.6-9.8% of GDP","author":"enterpriseam admin","date":"11 March 2018","format":false,"excerpt":"The government is expecting the budget deficit for the current fiscal year to reach 9.5-9.7% of GDP, down from 10.9% in FY2016-17, according to a statement from Ittihadiya. It expects this to drop again to 8.5% of GDP in FY2018-19. The Finance Ministry had announced on Thursday that the budget\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592909,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/finance-ministry-eyes-6-4-growth-in-fy-2020-2021\/","url_meta":{"origin":637731,"position":4},"title":"Finance Ministry eyes 6.4% growth in FY 2020-2021","author":"enterpriseam admin","date":"12 November 2019","format":false,"excerpt":"BUDGET WATCH- FinMin says it\u2019s targeting 6.4% growth, 6.2% deficit next fiscal year: The Finance Ministry is eyeing GDP growth of 6.4% in FY2020-2021, up from a targeted 6% for the current fiscal year, according to the ministry\u2019s preliminary budget statement announced by cabinet yesterday. Local press reports had suggested\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/economic-growth-to-remain-stable-over-the-coming-two-years-nbk\/","url_meta":{"origin":637731,"position":5},"title":"Economic growth to remain stable over the coming two years -NBK","author":"enterpriseam admin","date":"9 July 2019","format":false,"excerpt":"Economic growth to remain stable over the coming two years -NBK: Egypt\u2019s economic growth is set to remain stable over the coming two years, with GDP expanding at a 5.2% clip during the current fiscal year and 5.0% in FY2020-2021, the National Bank of Kuwait (NBK) forecasts in a new\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/1388.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=637731"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637731\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/637721"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=637731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=637731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=637731"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=637731"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=637731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}