Egypt’s real GDP likely to grow 4.8% in FY 2022/2023: World Bank

The World Bank forecasts Egypt’s real gross domestic product (GDP) for fiscal year (FY) 2022/2023 to grow at 4.8%, according to the international financial institution’s MENA Economic Update issued in October.

Egypt reported a 6.6% GDP growth for the fiscal year (FY) that ended on June 30th 2022, which was driven by gas exports, along with the sectors of telecommunications and tourism, however, growth for FY 2022/2023 will fall sharply, the report showed.

The report referred to the role of the Egyptian government in handling the global economic crisis, noting that the annual inflation rate for the March-June period of 2022 hit 14.3% and it could have reached 18.4% if the government had not intervened.

On October 4th, the S&P Global Egypt PMI™ report showed that the Egyptian private sector suffered considerable shrinkage in activity owing to contracted demand and inflated prices.

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