Egypt's economy grows 4.7% in first 9 months of FY 2014/2015

Egypt's economic growth rate in the first nine months of fiscal year (FY) 2014/2015 grew by 4.7%, Minister of Planning Ashraf El-Araby said in a Saturday press conference.

This was compared to 1.6% in the same period in FY 2013/2014, with the hike attributed to the gradual improvement in the economic activity in response to the reform procedures adopted by the government.

Economic growth increased by 3% in the third quarter (Q3) of FY 2014/2015, which compares to 2.5% in Q3 in the previous fiscal year (FY 2013/2014). The GDP volume in the first nine months FY 2014/2015 registered EGP 1.9tn, of which EGP 570bn was registered in Q3, El-Araby said.