Cairo – Mubasher: Egypt has achieved a GDP growth of 5.6% during the fiscal year 2018/2019, which is the highest in ten years, planning minister, Hala El-Saeed, stated on Tuesday.
The country’s unemployment rate declined to 8.1% in the first quarter of FY18/19, compared to 13.2% in 2014, the minister added.
El-Saeed revealed that inflation dropped to 7.4% in August 2019, which reflects the strength of the Egyptian economy.
The decrease in inflation encouraged the Central Bank of Egypt (CBE) to reduce interest rates in August, she remarked.
El-Saeed noted that Egypt has moved up in The Global Competitiveness Index from the 119th place in FY2014/2015 to 94th in 2018.
