Egypt’s Economic Growth Predicted to Slow to 5.5%

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As Egypt’s new fiscal year began this July, the North African country’s economic growth is predicted to slow to 5.5% below the government’s target of 5.8%, as it enters the final stages of an IMF-backed economic reform program, Reuters has reported.

Prime Minister Mostafa Madbouly said earlier this month that the country’s gross domestic product (GDP) grew 5.6% in the 2018/19 fiscal year, slightly higher than the 5.5% expected in the April Reuters poll.

Egypt’s non-oil private-sector activity contracted for the second consecutive month in June, according to the Emirates NBD Egypt Purchasing Managers’ Index (PMI). Private-sector activity has expanded in only five months over the last three years.

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