The volume of industrial production hiked 11.7% in the first quarter (Q1) of 2017, Egypt’s statistics body said Monday.
Industrial production in that quarter, excluding crude and refined petroleum, recorded LE 127.7 billion, from LE 114.3 billion in Q4 of 2016, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The coke and petroleum products sector made the largest contribution to the industrial sector, representing 14.6 percent of the total industrial production volume.
Meanwhile, production of food industries registered LE 33.3 billion in Q1, compared to LE 25.2 billion in Q4. As for the steel and iron sector, the production volume registered LE 14.8 billion in Q1, increasing 37.7% compared to the previous quarter in 2016.
The investment’s growth rate in the industrial sector hiked up by 30% in 2017, the Head of Investment Committee of the Federation of Egyptian Industries (FEI), Mahmoud Soliman, told Egypt Today Saturday.
“Reducing imports resulted in domestic industrial growth because it enables Egyptian manufacturers to produce local alternatives with home components,” Soliman explained.