Gross Domestic Product expected to hit 3.246tr in 2016/2017 budget

The Finance Ministry expected that Egypt's Gross Domestic Product in fiscal 2016/2017 to hit 3.246 trillion pounds against the current 2.772 trillion in fiscal 2015/2016.

The 2016/2017 budget seeks to achieve a 5.2 percent growth rate to rise up to 6.2 percent in 2019/2020, the ministry said in a statement.

The GDP growth rate of the 2015/2016 is around 4.4 percent.

The expected rise in growth rate for fiscal 2016/2017 will be accompanied by a decrease in unemployment rate, which is expected to range between 11.5 to 12 percent then to further lower to 9 to 10 percent in fiscal 2019/2020.

By the end of December of 2015, unemployment rate in Egypt hit 12.8 percent.

The ministry also believes that increase in the growth rate in 2016/2017 will mainly depend on growing private and public investments.