Egypt's economy grew 6.6 percent during the fiscal year 2021/2022, compared to a growth rate of 3.3 percent in the previous year, announced the Minister of Planning Hala al-Said.
During a cabinet meeting in New Alamein City, Said reviewed indicators of the national economy's performance during the last fiscal year.
She pointed out that after an initial recovery in the indicators of the global economy during 2021, the risks associated with international political and economic developments began to reflect negatively on growth indicators during Q2 of 2022.
The minister added that the International Monetary Fund (IMF) reduced its estimates for the growth of the global economy from 3.6 percent to 3.2 percent, 0.4 percent compared to previous forecasts of April.
She also pointed out that the global inflation rate continues to rise in many countries amid record rises in food and energy prices.
The average global inflation rate is expected to record 8.3 percent during 2022, and estimates indicate that inflation will return to pre-coronavirus pandemic levels in 2024, said the minister.
However, Said explained that this is if crises causing high inflation, such as the escalation of the Russian-Ukrainian crisis and its negative repercussions on supply chains, energy prices, and food commodities, do not worsen.
Egyptian economy grew by 3.2 percent during Q4 of 21/22, while the growth rate during the last fiscal year was 6.6 percent, compared to a 3.3 percent growth rate during the 2020-2021 fiscal year.
She added that all economic activities witnessed a remarkable improvement during the FY 21/22, noting that the restaurants and hotels sector saw a growth rate of 45.5 percent, followed by the telecommunications sector with 16.3 percent, then the Suez Canal at 11.7 percent, and the manufacturing industries by 9.9 percent.
She presented the development of the monthly revenues of the Suez Canal between July 2021 and July 2022, explaining that the Canal achieved its highest revenue last July at a rate of $704 million.
Said remarked that the unemployment rate stabilized at 7.2 percent during the Q4 of the last fiscal year, while inflation rates escalated, affected by global trends to hit 15 percent in June and July.
She reviewed the performance of the trade balance during the first nine months of the fiscal year compared to the same period of the previous year, noting that during this period, Egyptian non-oil exports grew 57.8 percent, while non-oil imports increased 29 percent.
According to Said, petroleum exports rose by 122 percent, while petroleum imports increased by 53.4 percent.
