Hartlepool, United Kingdom (PressExposure) June 17, 2009 -- Egypt is expecting economic growth to accelerate in the second quarter of this year, as it did in the first quarter. Egypt's economy grew 4.1% in the last quarter of last year. This accelerated to 4.3% in the first quarter of this year, and the Egyptian finance minister believes it could accelerate to 4.5% in the second quarter.
That is not to say Egypt has not been affected by the international downturn. The poverty rate has grown from 15.5% to 18.8% with the industries providing income for many thousands of the poorest families, like tourism, bearing the brunt of the crunch.
Tourism from Britain to Egypt is expected to grow massively this year, because the Euro's strength against the Pound makes holidays outside the Eurozone a cheaper option, especially in places with extremely low living costs like Egypt.
Some believe the property market will also see some growth later this year.
"There is pent up demand for overseas property," says Les Calvert, director of overseas property portal Property Abroad.
"And not just because we say so, several recent surveys have found that many people plan to get into or back into overseas property investment later this year, including one by Jet-to-Let and one by Write About Property," he added.
Property Abroad.com advertises Egypt property for sale priced from around Â£20,000.