Global Arab Network | Egypt targets 5.8% GDP Economic Growth in 2011

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Egypt targets 5.8% GDP Economic Growth in 2011

Global Arab Network - - Gamal Ragay

Monday, 03 May 2010 14:51

The Egyptian Minister of Economic Development Dr. Osman Mohamed Osman declared that the coming fiscal year plan 2010/2011 is due to take effect on next July. It aims to reach average per capita income to LE 17.4 thousand compared to LE 15.4 thousand, a target to achieve in the current fiscal year 2009/2010, up 4%.

The new fiscal year plan seeks to reduce current unemployment rate to 9% to save 700,000 new job opportunities, Osman said.

We target to achieve growth rate of Gross Domestic Product (GDP) to 5.8%, thus reducing poverty rate to 18.3% of total population in the coming fiscal year 2010/2011, the Minister added.

It is worth mentioning that, the international reserves at the Central Bank of Egypt (CBE) rose by 7.1 percent in one year to $ 34.5 billion, a report by Egyptian cabinet's Information and Decision Support Centre (IDSC) said.

The deposits at the banking system, excluding the CBE, upped 9.5 percent in one year to 864.7 billion EGP, the report said. The volume of domestic liquidity has grown by 9.4 percent in one year to 875.5 billion EGP, it noted. Revenues of Suez Canal increased by 15.7 percent to $ 379.4 million in the same period.

As for the electricity sector, the report said power generated in last March hit 11.5 billion Kilowatt per hour, up 15.7 percent than the same month last year.

Revenues of the passenger railways upped 2.2 percent to 655.4 million EGP from July 2009 to March 2010, compared to the same period last year. Revenues of freight railways also upped 23.1 percent to 194.9 million EGP for the same period.

Global Arab Network

< Prev		Next >

Last Updated on Monday, 03 May 2010 14:55

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network