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27 August 12:00 AM

Egypt's growth rate hits 5.3%, inflation down 17% - min

Egypt's growth rate reached 5.3% and is  expected to continue rising in view of growing investments, exports and production, Minister of Planning, Monitoring and Administrative Reform Hala El-Said of Planning Hala El Said said.

During an interview with Extra News channel on Sunday, she added that the inflation rate dropped to 17% after reaching its peak in July.

Thanks to increasing production, the  inflation rate is expected to further decrease, Said said

Flourishing production has also contributed to downing unemployment rate to 11.3%, Said added.

The  Egyptian government plans to up foreign direct investments to $16 billion by the end of 2022.

The ministry's 2018-2022 plan focuses on small and micro enterprises because they are labor-intensive.

The ministry seeks to create 870,000 jobs by 2022.

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