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Egypt’s recent economic growth rate is 5.6 %, unemployment declined to 7.5 %: Prime Minister - Daily News Egypt

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Egypt’s recent economic growth rate is 5.6 %, unemployment declined to 7.5 %: Prime Minister

Without the flotation, the US dollar would have been at EGP35


Prime Minister Mostafa Madbouly said that the economic figures achieved by Egypt during the recent period reveal the progress made on ground, reaching an economic growth rate of 5.6% and a decrease in the unemployment rate from 13% to 7.5%. 

This came during a government statement addressed during the plenary session of the parliament, headed by the Parliament Speaker Ali Abdel-Al, in the presence of eight ministers, on Tuesday.

Madbouly explained that the decline in unemployment in a country with an annual population of about 2.5 million people means that the country needs to provide 2m opportunities per year.

“The value of the Egyptian pound compared to the US dollar after the floating procedures was 19 pounds, and currently reached about 16 pounds. The country also achieved the lowest rate of inflation after we reached 33%, we have $45.1bn foreign exchange reserves, enough for nearly a year, as well as tourism revenues,” Madbouly said, noting that this is the highest revenue this year.

He also stated that the budget deficit decreased to 8.2%, as Egypt achieved a first surplus of 2%, which means that its revenues exceeded its expenses by EGP104 bn.

He pointed out that the world is talking about the success of Egypt in the economic reform program successfully, especially that other countries have started their reform programs with Egypt and did not achieve success.

Madbouly stressed that without the currency floatation decision in November 2016, the US dollar would have been valued at EGP 35 against the pound.

He moreover stressed that everyone should be aware that Egypt is facing one of the fiercest types of war adding, “It is an unconventional war that depends primarily on creating confusion, frustration, shaking confidence between the citizen and state institutions, especially the presidential institution.”

He continued, “Everyone knows that they will not be able to undermine the homeland by conventional warfare because the Egyptian army is one of the strongest armies in the world.”

“What prevents entities that target shaking the stability of the region to destroy Egypt, is the Egyptian army and therefore, these entities seek to shake confidence between the Egyptian people and its armed forces,” he added.

He added, “It is certain that the entire people of Egypt will not allow the repetition of the chaos scenario, all institutions must work to maintain the security and stability of Egypt.”

Madbouli stressed that the State, with its bodies, the House of Representatives, the police and the armed forces, is responsible for protecting the capabilities of this country and ensuring its continued stability.

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