Egypt witnesses 60% drop in GDP growth rate

February 13, 2014 11:13 am

Egyptian finance ministry has said that growth rate of the country’s gross domestic product (GDP) fell to 1% in the first quarter of the current fiscal year, compared with 2.5% in the same period last year, marking a 60% drop, Xinhua has reported. Investments in Egypt also declined by 7.3% year-on-year, the ministry said, attributing the decline to “security reasons and political developments.”