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

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

Wednesday, 15 March, 2023 - 05:45
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.

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