Egypt’s economy grew faster than expected in the fiscal year 2022/2023, according to the Minister of Planning and Economic Development, Hala El-Said.
During a speech before the Planning and Budget Committee of the Parliament, El-Said revealed that the gross domestic product (GDP) had risen to EGP 10.2 trillion, surpassing the target of EGP 9.2 trillion.
Key sectors such as tourism, infrastructure, hotels and restaurants, the Suez Canal, and communications contributed to the double-digit growth. While inflation was at 24.8% in 2023, the unemployment rate for women decreased to 17.3% from the previous year’s 19.2%.
El-Said stated that investments constituted 13% of GDP in 2023, with the government accounting for three-quarters of investments and the private sector for the remaining quarter. The government aims to increase private investment to 30% of total investments by 2024 and 60% by 2027 to sustain expansion.
The Prime Minister, Mostafa Madbouly, announced on Wednesday that the government plans to reduce inflation to below 10% in 2025 and expects the economy to fully recover by that year. The Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the annual headline inflation rate declined to 36.4% in November 2023.
In early December, the government lowered its growth forecast for 2024 to 3.5% from the previously anticipated 4.2%. The World Bank revised its growth forecasts for Egypt for 2023 to 4.2%, up from 4%, but downgraded the country’s growth forecast in 2024 to 3.7%, down from 4%. Similarly, the International Monetary Fund (IMF) adjusted its predictions for Egypt’s real GDP growth to 4.2% in 2023 and 3.6% in 2024.Egypt’s economy grew faster than expected in the fiscal year 2022/2023, according to the Minister of Planning and Economic Development, Hala El-Said. During a speech before the Planning and Budget Committee of the Parliament, El-Said revealed that the gross domestic product (GDP) had risen to EGP 10.2 trillion, surpassing the target of EGP 9.2 trillion. Key sectors such as tourism, infrastructure, hotels and restaurants, the Suez Canal, and communications contributed to the double-digit growth. While inflation was at 24.8% in 2023, the unemployment rate for women decreased to 17.3% from the previous year’s 19.2%.
El-Said stated that investments constituted 13% of GDP in 2023, with the government accounting for three-quarters of investments and the private sector for the remaining quarter. The government aims to increase private investment to 30% of total investments by 2024 and 60% by 2027 to sustain expansion.
The Prime Minister, Mostafa Madbouly, announced on Wednesday that the government plans to reduce inflation to below 10% in 2025 and expects the economy to fully recover by that year. The Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the annual headline inflation rate declined to 36.4% in November 2023.
In early December, the government lowered its growth forecast for 2024 to 3.5% from the previously anticipated 4.2%. The World Bank revised its growth forecasts for Egypt for 2023 to 4.2%, up from 4%, but downgraded the country’s growth forecast in 2024 to 3.7%, down from 4%. Similarly, the International Monetary Fund (IMF) adjusted its predictions for Egypt’s real GDP growth to 4.2% in 2023 and 3.6% in 2024.
