Preliminary data on Egypt’s manufacturing and extractive industries production showed that the sector grew by 6.56 percent on a month-on-month basis in June 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The manufacturing and extractive industries index — excluding crude oil and petroleum products — reached 119.38 in June 2022.
Meanwhile, the manufacture of beverages increased by 15.54 percent in June, while the manufacture of electrical equipment increased by 15.54 percent.
Additionally, the manufacture of chemical products decreased by 4.83 percent, while that of basic metals dropped by 5.45 percent.
On Sunday, Prime Minister Mostafa Madbouli discussed with Hassan Abdullah, the new governor of the Central Bank of Egypt (CBE), several proposed measures to address the current economic situation.
Abdullah informed Madbouli of the steps taken to implement the decision to exempt production inputs and operation equipment from documentary credit.
This goes in line with directives by President Abdel Fattah el-Sisi.
The meeting reviewed the government's efforts to improve the investment climate and encourage private sector participation.
In order to ensure harmony between fiscal and monetary policies, both officials highlighted the importance of regular meetings and periodic consultations concerning economic policies.
