Egypt’s inflation rate declined to 9.4% in July, its lowest level in three years, from 30% in July 2017, according to a statement released by the Ministry of Finance (MoF) on Thursday.
The most populous Arab nation came in at the third place in The Economist’s list for the fastest-growing economies with gross domestic product (GDP) at 5.6% in fiscal year 2018/2019, thanks to Egypt’s economic reform programme.
In addition, the Egyptian government aims to achieve GDP growth of more than 6% in FY19/20, the country’s finance minister Mohamed Maait said.
Private and government investments as well as exports have contributed 45% and 34%, respectively, to the country’s GDP growth, he added.
The Egyptian pound has also strengthened against the US dollar and foreign currency reserves have increased.
During the 12-month period ended 30 June, Egypt’s primary budget surplus amounted to 2% of the country’s GDP, while the total budget deficit fell to 8.2% of GDP.
Moreover, unemployment rate retreated to 8.9% in December 2018.