Egypt’s economy grew by about 5.3% YoY during the first quarter of the FY 2018/19, with gas, telecommunication, and construction sectors, as well as revenues from the Suez Canal, mainly contributing to such growth, Invest-Gate reports.

Planning Minister Hala El-Saeed highlights that the country’s growth rate for the prior fiscal year hit its highest level in ten years, recording 5.3% against 4.2% in the previous year, according to a cabinet statement.

Egypt’s indicators of economic performance during the first quarter of the FY 2018/19 revealed that the annual inflation rate fell to 14% during this period, compared to 33.4% in the prior-year period, El-Saeed notes.

“The value of commodity exports surged by 13.2%,” she adds.

The Egyptian economy has been ailing since the 2011 uprising, which drove tourists and foreign investors away. But the country has been showing signs of recovery in recent months amid tough reforms, including cuts to energy subsidies implemented by the government as part of a USD 12 bn IMF loan agreement aimed at luring back foreign investments.