Egypt: Industrial production carries strong growth momentum in September
November 11, 2014
In September, industrial production expanded 30.4% over the same month last year, which followed the record high 36.3% increase recorded in August. These two notable results provide evidence that the economy is in full recovery mode as political stability returns. September’s expansion reflects record annual growth rates in both the oil and tourism sectors.
On a sequential basis, industrial production increased 1.9% over the previous month, which was down from the 4.9% increase registered in August. Annual average growth in industrial production rebounded from minus 2.6% in August to plus 1.7% in September, marking the first positive reading in one and a half years.
Author: Carl Kelly, Economist