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Fast growth reported for Egypt economy in first quarter

Egypt’s economy grew by 5.8% in the first quarter of 2010, the fastest rate in nearly two years, Economic Development Minister Osman Mohamed Osman has revealed.

According to Osman, tourism, manufacturing and Suez Canal revenue were the main contributors to the growth between January and March, which he described as “very satisfactory”.

Revenue from tourism increased sharply in particular, up by 24% in the first quarter to $2.7 billion.

By the end of the fiscal year in June, it is thought that Egypt’s economy will have expanded by 5.3%, compared to 4.7% last year, a sign of Egypt’s strong recovery following the global recession.

Source: Reuters

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