By Mostafa Adel
Cairo – Mubasher: Egypt’s economic growth rose 3.6% during the third quarter of the fiscal year 2015/16 on the construction sector that moved up 3.3% year-on-year during the same period, said the Ministry of Planning.
“Economic growth in the third quarter was led by the construction sector (33.9%), followed by the wholesale & retail activity (29.8%) as well as the manufacturing industries (26.8%)”, the ministry indicated.
However, the economic growth rate came below the estimates due to world economies’ lower capacity, namely in EU countries, Russia and China, which all have left an impact on the international trade.
Both investment and savings rate roughly reached 17% and 5.8%, respectively in the same period.
The savings gap accordingly increased to 11.2% in the third quarter against 10.7% for the prior-year period.
Over the first nine months, growth rate went up 4.3%, compared with 4.8% for the year-ago period.
The aggregate investment rate grew 13.7% on the first nine-month basis to hit EGP 287.1 billion, of which EGP 110 billion projects are currently on the ground.
