Egypt president expects inflation to fall by half in 2018

2017-09-14 20:01
Abdel Fattah al-Sisi (File: AFP)

Abdel Fattah al-Sisi (File: AFP)

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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 al-Sisi 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% in 2018."

Annual inflation stood at 31.9% in August.

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

The state budget deficit reached 9.5%, down from 11.5 percent during the same period.

Read more on:    abdel fattah al-sisi  |  egypt  |  north africa
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