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CAIRO http://www.columbusbluejacketsteamstore.com/adidas-alexander-wennberg-jersey , Feb. 11 (Xinhua) -- The growth rate of Egypt's gross domestic product (GDP) declined to 1 percent in the first quarter of the current fiscal year compared with 2.5 percent in the same period last year, marking a 60-percent drop, the Finance Ministry said in a report Tuesday.


The report also showed that the investments in Egypt declined by 7.3 percent year on year and attributed the decline to " security reasons and political developments."


On Monday, Egyptian Finance Minister Ahmed Galal said that the interim government will inject 33.9 billion Egyptian pounds (about 4.87 billion U.S. dollars) to boost the struggling economy as a second stimulus package since last August, admitting that most of the finance came in aid from the United Arab Emirates.


Tuesday's report stated that the sectors of tourism and natural gas were among the lowest contributors to the GDP growth rate in the period.


"The impact of the stimulus is still lagging. However http://www.columbusbluejacketsteamstore.com/ , with the roadmap on track and political stability restored, growth in these sectors should definitely pick up speed," the report reassured.


Experts said the decline was expected in light of the country's political instability and security condition, particularly following the ouster of Islamist president Mohamed Morsi by the army last July.


Over the past few months, Egypt has been in escalated turmoil due to constant pro-Morsi protests and strikes by doctors http://www.columbusbluejacketsteamstore.com/adidas-zach-werenski-jersey , policemen and textile workers in demand for higher wages and discontent over mounting terrorism activities.


Since Morsi's ouster, the Gulf Arab states, including the UAE, Saudi Arabia and Kuwait, supported Egypt with 11 billion dollars within a period of six months in the forms of grants and loans.


The Egyptian economy has been devastated due to three years of turmoil. The interim government says the foreign debts have reached 45.8 billion dollars by the end of 2013 http://www.columbusbluejacketsteamstore.com/adidas-zac-dalpe-jersey , while economists estimate the debts exceeded 52 billion dollars based on separate official statements from the Central Bank of Egypt and concerned ministers.


The country's ailing economy is also reflected in a budget deficit of over 12.8 billion dollars and a drop in foreign currency reserves of 18.9 billion dollars (from 36 billion dollars in January 2011 to 17.1 billion dollars in January 2014).

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