Egypt Independent

Report: Egypt’s agricultural growth rate fell below 3% in 2009/10



A report

issued on Thursday by the Economic Development Ministry revealed that Egypt's agricultural growth rate fell to less than 3 percent in the 2009/10 fiscal year.

Before the onset of the global economic crisis, the rate had stood at 3.5 percent.

The report attributed the decrease to the decline of industries that depend on agricultural products and an increase in exports, with the latter prompting the government to announce an export ban on certain strategic products–such as rice–in order to meet local demand.

The declining agricultural growth rate has adversely affected Egypt's balance of trade, raised inflation and reduced local consumption.

Year-on-year grain and bread prices have risen by 17.2 percent; meat and poultry prices by 28.6 percent; dairy products by 10.1 percent; fruit by 11.2 percent; and sugar by 12.1 percent.

The national inflation rate, meanwhile, has risen steadily since June, hitting 11.7 percent in September.

According to the ministry report, employment opportunities fell from 116,800 in 2009/10 to 87,700 in the current fiscal year.

Translated from the Arabic Edition.