Business
14:21, 18-Jun-2017
Egypt’s GDP grows following season of unrest
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Egypt's GDP grew more than four percent in the third quarter of the 2016-17 fiscal year. CGTN’s Yasser Hakim reported that Egyptian officials have been projecting more growth by the end of 2017, welcome news in a country just coming out of a season of unrest.
There's been an overall improvement over the last two quarters, after Egypt's communication, tourism and manufacturing industries were hit hard by the 2011 unrest.
Economic reforms seemed to have borne fruit over the last two years, with a reduction in subsidies, the introduction of new taxes and the floating of the Egyptian pound. Tourism, an important source of hard currency revenue, witnessed a 50 percent surge in the third quarter against 2016.
The strong numbers show Egypt is on the right track economically. However, experts warn there is still a lot of work to do, especially with social security projects to soften the burden of economic reforms.