Egypt Independent

Egypt sees annualized Q4 GDP growth at 6-6.2 pct



Egypt's economy is estimated to have grown by an annualised 6 to 6.2 percent in the October to December quarter, the cabinet's spokesman said on Wednesday, heralding its best performance since the global downturn.

"It's on the back of the recovery in Suez Canal and tourism revenue, as well as in construction," Magdy Rady told reporters after a cabinet meeting.

Gross domestic production (GDP) growth has been gradually picking up since hitting a quarterly low of 4.2 percent in April-June 2008, climbing to 5.5 percent in July-Sept 2010.

A survey of 12 economists predicted last month that GDP in the Arab world's most populous nation would grow 5.4 percent in the fiscal year that end in June 2011, while the ruling National Democratic Party last month predicted growth of 6 percent.