Egypt - The economic growth rate in Egypt plunged to 5% during the third quarter (Q3) of fiscal year (FY) 2019/2020, impacted by the outbreak of COVID-19, the Minister of Planning Hala el Said announced.
Prior to the crisis, the government expected a growth rate at 5.9% in Q3 ending on March 31st.
El Said noted that this plummet was driven by several impacted sectors such as tourism, wholesale and retail, and industry.
The tourism sector’s contribution to the gross domestic product (GDP) fell to 2.7% in Q3 of FY 2019/2020 when compared to 3% in the same quarter in FY 2018/2019.
The industrial segment also posted a decrease to 12.2% from 12.8%.
Meanwhile, the telecommunications sector’s contribution to the GDP rose to 2.7% in Q3 of FY 2019/2020 from 2.5%.
In April, the planning minister noted that the government amended its target economic growth for FY 2020/2021 to 3.5% from 4.5%.
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