HEALTHY GROWTH FOR EGYPT IN COMING FISCAL YEAR

The Egyptian government has predicted an economic growth of 4 to 4.5 percent in the fiscal year that begins in July, according to news agency Reuters.

The healthy growth prediction is due to increased state spending and the figure is above estimates from economists who originally predicted growth of 1.6 percent for 2012/13.

International Cooperation Minister Faiza Abul-Naga, commented: “The government aims to increase the growth rate to 4 to 4.5 percent by making larger investments.”

Government investment is to increase by 10.3 percent in the coming year and revenue from taxes and tariffs are expected to boost Egypt’s income to LE392.4 billion pounds in 2013 from LE349.6 billion in 2012.

The announcement joins a string of other positive news for Egypt and many analysts have stated Egypt will have a good year. Egypt tourism figures are bouncing back to levels pre-revolution in 2010 and the country’s ministry aims to raise the rates of tourism even further by focussing their efforts on various global markets.

Minister of Tourism, Mounir Fakhry Abdel Nour, commented: “We will focus our efforts on various global markets, particularly the Arab ones, where the rate of Arab tourists during the first three months of 2012 has witnessed a growth of about 62.9 percent.”

Egypt has enjoyed a tourism increase of 32 percent in the first quarter of 2012 showing signs that the country has bounced back from the revolution in 2011.

Source: Reuters, Hotelier Middle East