Cairo –  Egypt witnessed growth rates in several economic sectors during the third quarter of fiscal year 2019/2020 amid the coronavirus (COVID-19) outbreak, led by the oil refining sector which advanced by 78%.

Over the January-March period, the telecommunications as well as the construction and building sectors grew by 15% and 8%, respectively, the country’s minister of planning and economic development, Hala El-Saeed, said in a statement on Thursday.

In addition, Suez Canal witnessed a growth rate of 10% during the three-month period.

However, the pandemic weighed on several sectors, including tourism, industry, as well as retail and wholesale trade.

In May, Egypt announced achieving a 5% GDP growth rate in Q3 of FY19/20, down from an expected 5.9% before the COVID-19.

Source: Mubasher

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