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Egypt president expects inflation to fall by half in 2018

In this photo provided by Egypt's state news agency, MENA, Egyptian President Abdel-Fattah el-Sissi speaks at a financial conference in Sharm el-Sheikh, Egypt, Thursday, Sept. 14, 2017. El-Sissi said Thursday that the government aims to bring down the inflation rate by more than half in 2018, forecasting an improving economy after years of political unrest. (MENA via AP)
September 14, 2017 - 8:00 AM

CAIRO - Egypt's president says he expects the country's inflation rate to fall by more than half in 2018, forecasting an improving economy after years of political unrest.

President Abdel-Fattah el-Sissi told a financial conference on Thursday that the economic reform program he launched is starting to "bear fruit."

He says: "We have set a goal for ourselves to reduce the inflation rate to around 13 per cent in 2018."

Annual inflation stood at 31.9 per cent in August.

El-Sissi also said the country's Gross Domestic Product grew 4.9 per cent in the last quarter of 2016-2017, which ended in June. That compared to 4.1 per cent for the same period the year before.

The state budget deficit reached 9.5 per cent, down from 11.5 per cent during the same period.

News from © The Associated Press, 2017
The Associated Press

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