The Egyptian economy shrank 7 percent in the third quarter of the fiscal year that ends on June 30, after a revolt that toppled former President Hosni Mubarak, Finance Minister Samir Radwan said.
Exports fell 40 percent, the value of imports increased due to higher global commodity prices and tourism revenue “went away,” Radwan told Cairo-based ONTV network in an interview late yesterday. Gross domestic product expanded 5.6 percent in the previous three months, according to government figures.
“The stoppage of economic life has affected business,” Radwan said. “The number of businesses that went bankrupt is big.” Radwan, who couldn’t be reached for comment today in Cairo, didn’t say whether the contraction rate was based on the same period a year ago or the previous quarter.
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