Egypt sees GDP to grow 6% by 2018

The Egyptian Finance Ministry expects growth of gross domestic product (GDP) to climb steadily and to reach 6 percent in FY 2017/18 as private sector investment rises to 15 percent of GDP.

“These are realistic and achievable targets which will be supported by the government of Egypt’s commitment to sound macroeconomic policies, in particular a concerted drive to achieve fiscal sustainability,” according to the five-year macro-economic policy framework issued by Finance Ministry on Sunday.

Egypt’s real GDP in FY 2013/2014 reached 2.2 percent, almost the same as in the preceding fiscal year.

The Egyptian government will reduce its deficit to 8.5 percent of GDP and its debt burden to within 80-85 percent of GDP, from current levels of 12.6 percent and 97 percent of GDP, respectively, by the end of the five-year forecast period, according to ministry.