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Egypt’s Economy Grew by 9.8% In Q1 FY 2021-22

Egypt’s Economy Grew by 9.8% In Q1 FY 2021-22

Thursday, 25 November, 2021 - 09:45
A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. Reuters/Amr Abdallah Dalsh

Egypt's economy grew by 9.8% in the first quarter of the fiscal year 2021-22 that began in July, compared with 0.7% in the same period last year, Minister of Planning and Economic Development Hala al-Saeed said on Wednesday.

Egypt expects a GDP growth of 5.5-5.7% in FY 2021-22 that ends in June, she added.

Her remarks were made during a cabinet session chaired by Prime Minister Mostafa Madbouly, during which she reviewed the initial indicators of the country’s economic performance in the first quarter.

The restaurant and hotel sector recorded the highest quarterly growth rate of about 181.8 percent, reflecting the remarkable recovery from the coronavirus repercussions.

The telecommunications, manufacturing and construction sectors registered a growth rate of 16.3%, about 15.2%, and 10.5%, respectively.

The minister reviewed the contributions of various economic activities to the GDP during the first quarter of the current fiscal year, noting that the most contributing sectors are manufacturing, agriculture, trade, and real estate activities.

Egypt’s inflation rate rose to 8% on an annual basis and 1.6% on a monthly basis during September, Saeed said, attributing the rise to the higher global prices of energy, food commodities and minerals.

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