Crisis 'costing Egypt £200m a day'

Egypt’s political crisis is costing the country at least £200 million per day, it has been reported.

French investment bank Credit Agricole said it was revising down its forecast for Egypt’s economic growth to 3.7 % from 5.3 % in 2011.

Egypt’s economy has been battered by days of protests with tens of thousands on the streets demanding the removal of President Hosni Mubarak.

Banks and the stock exchange have been closed all week, while most factories have been shuttered.

Tens of thousands of tourists have fled the country because of the violence, dealing a hard blow to the vital tourism sector.

The unrest has led to a surge in food prices in some areas of Cairo.