Government raises growth forecast by end-June to 5.4%

The government raised its growth forecast for the end of the current fiscal year to 5.4% versus 5% at present.

Minister of Planning, Follow-up, and Administrative Reform Hala Al-Saeed said the ministry aims to achieve a growth rate of 5.3% to 5.4% by the end of June.

The growth rate during the second quarter was 5.3%, and therefore the total during the first six months of the current fiscal year was 5.2%.

As for the contribution of investments in the second quarter of fiscal year 2017/2018, according to the minister, was 1.9%, compared to 2.8% in the first quarter.

“The decline in investment rate was offset by a noticeable increase in net foreign trade by 1.8%, compared to 0.9% during the first three months of the current fiscal year,” she said.