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Minister: LE 233 billion investments to spur Egypt's economy in 2012

Fayza Abul-Naga said 2011/2012 plan targets the increase in the gross domestic product to hit LE 1.570bn against LE 1.373bn for 2010/2011.
Minister of Planning & International Cooperation Fayza Abul-Naga said the fiscal year 2011/2012 plan targets the increase in the gross domestic product (GDP) to hit LE 1.570 billion against LE 1.373 billion for 2010/2011, 14% up, in order to reach a real economic growth rate of 3.2%.

"The plan also envisages pumping investments worth LE 233 billion, with an increase of 8% compared to the 2010/2011 investments plan so as to activate the government's role in pushing forward the investments and refresh the market to encourage production and local demand after a period of recession witnessed by the Egyptian economy following the January 25 revolution," said Abul-Naga in statements on Tuesday 08/11/2011.

The minister said the processing industry sector is expected to achieve a growth rate of 2.9% (17% of GDP), extracting industry 2.8% (25.9% of GDP), construction 5.6% (6.8% of GDP), wholesale and retail trade 2.4% (6.6% of GDP), communications and information technology 1.26% (2.3% of GDP), agriculture 2.7% (12.6% of GDP), tourism 2.9% (3.2% of GDP), the transport and Suez Canal sector 5.6% (5.3% of GDP), the water, sanitary sewage and electricity sector 6.2% (1.7% of GDP) and the rest of sectors by 5.3 (22.5% of GDP).

Minister Abul-Naga noted that the plan targets providing nearly 570,000 job opportunities during the current fiscal year so that the unemployment rate should settle at 11.5%, inflation at 12% and the increase in average real per capita income at 12% to reach LE 19,800 compared to LE 17,700 in the 2010/2011 FY.