Hala al-Saeed, Planning Minister, said that this is a further sign of recovery amid tough reforms which were introduced as part of $12 billion IMF loan agreement.
The country’s budget deficit had fallen below 10 per cent for the first time since 2011, added Mohamed Maait, the Finance Minister. Non-oil exports grew by 12.3 per cent in the same period under review.
However, the purchasing manager’s index survey from Emirates NBD said that despite a slight improvement in June, Egypt’s non-oil private-sector business activity has been in contraction for months associated with reductions in output.
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By Kudakwashe
