Egyptian economy grows 7.8% in 9 months

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The Egyptian economy grew 7.8% during the first nine months of the fiscal year (FY) 2021/2022, compared to a growth rate of 1.9% in the same period a year earlier, Minister of Planning and Economic Development Hala El-Said announced on May 25th, according to an official statement.

The North African country’s economic growth reached 5.4% during the third quarter (Q3) of FY 2021/2022, El-Said noted.

She stated that real growth is expected to amount to 6.2% by the end of FY 2021/2022.

On a sectoral level, there was a noticeable improvement in all economic activities during this period, she said, as the leading sectors witnessing growth were the restaurants and hotels sector by 62.8%, and the telecommunication sector by 16.4%.

Other top contributing sectors to the gross domestic product (GDP) during Q3 and the first nine months of FY 2021/2022 include transformational industries, trade, real estate, and agriculture, El-Said maintained.

She announced that Suez Canal’s revenues soared 13% in the July-March period, while sectors of transformational industries and constructions grew 10.3% and 8.2%, respectively.

Earlier in May, Prime Minister Mostafa Madbouly unveiled that the Egyptian economy is expected to grow by 4.5% in FY 2022/2023.