Egypt Lowers Its Economic Growth Forecast to 4.2% In 2022/23

A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Lowers Its Economic Growth Forecast to 4.2% In 2022/23

A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt’s economy is expected to grow 4.2 percent in the current fiscal year ending in June, the cabinet said on Tuesday, much less than previously forecast.

Gross domestic product grew by 3.9 percent in October-December, the second quarter of the fiscal year, while the unemployment rate fell to 7.2 percent, the statement said.

Economic growth slowed from 4.4 percent in July-September, while the unemployment rate slipped from 7.4 percent in that quarter.

Egypt’s fiscal year begins in July and ends in June.

Suez Canal revenues totaled $2.2 billion in the second quarter, up from $1.7 billion in the same period a year earlier.

In November, the planning ministry had said Egypt expected its economy to grow almost 5 percent in 2022/23.

Finance minister Mohamed Maait said in December that Egypt targets GDP growth of 5.5 percent in the 2023/24 fiscal year.



British-Saudi Sustainable Forum Focuses on Energy, Infrastructure Investments in Saudi Arabia

The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)
The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)
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British-Saudi Sustainable Forum Focuses on Energy, Infrastructure Investments in Saudi Arabia

The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)
The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. (SPA)

British investors at the British-Saudi Sustainable Infrastructure Summit in London expressed on Monday keen interest in investing in the renewable energy sector and sustainable infrastructure in the Kingdom of Saudi Arabia.

Their interests align with the Kingdom's Vision 2030 focus on leveraging renewable and green energy for major environmental and sustainability projects.

The forum was organized by the Saudi-British Business Council of the Federation of Saudi Chambers and the City of London Corporation. Taking part were representatives of the Ministry of Investment and over 250 policymakers, industry leaders, senior executives, and public and private sectors representatives from the two countries.

The summit highlighted the investment opportunities in Saudi Arabia’s five largest projects: NEOM, Qiddiya, the Red Sea Project, Roshen, and Diriyah. It also emphasized the importance of developing sustainable infrastructure projects, financing strategies, and the future of green technologies.

Saudi Arabia and Britain are witnessing growing economic ties, with trade volume reaching approximately SR25.7 billion, reflecting a 13.8% growth. Britain ranks 25th among the Kingdom’s export partners and 10th in terms of imports.