Egypt Q2 2017-18 GDP at 5.3 pct, says planning minister

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Egypt’s gross domestic product grew by 5.3 percent in the quarter ending in December 2017, Planning Minister Hala al-Saeed said on Sunday, and its unemployment rate fell to 11.3 percent, the lowest rate since 2011.

Saeed was speaking in a meeting with President Abdel Fattah al-Sisi and Prime Minister Sherif Ismail, Sisi’s office said in a statement.

GDP edged up slightly from the first-quarter figure of 5.2 percent. First-quarter unemployment was 11.9 percent. Egypt’s fiscal year runs from July 1 to June 30. The second quarter runs from Sept. 1 to Dec. 31.

Egypt has implemented rigorous economic reforms tied to a $12 billion three-year International Monetary Fund loan agreement signed in November 2016.

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