Egypt: Industrial production expands at healthy rate in December despite deceleration
February 16, 2015
In December, industrial production expanded 6.4% over the same month of the previous year, which was down from the 20.8% increase recorded in November. Even though this is the first result in five months below the 20.0% mark, December’s growth suggests that the economy continues to make significant progress in a new era of relative political stability. December’s expansion was driven by double-digit increases in the tourism and manufacturing sectors. In contrast, the oil and gas industries registered contractions.
On a sequential basis, industrial production fell 5.8% over the previous month, which contrasted the 10.2% increase registered in November. Annual average growth in industrial production rose from 8.5% in November to 10.3% in December, which marked an over six-year high.
Author: Carl Kelly, Economist