Egypt’s economic growth hits 4.2% in FY2022/23

Egypt’s gross domestic product (GDP) reached 4.2 percent in the past fiscal year (FY) 2022/2023, said Finance Minister Mohamed Maait on Wednesday.

The country’s revenues went up to 12.5 percent year on year (YoY) and tax revenue soared by 23.1 percent on an annual basis. The minister also said that public expenditures rose by 16.7 percent YoY.

According to Maait, the country recorded a primary surplus of 164.3 billion Egyptian pounds, equivalent to 1.7 percent of GDP, for FY 2022/2023. The total deficit was 6.2 percent, compared to 6.1 percent in FY 2021/2022, he added.

Subsidies for food commodities inched up to 129.7 billion Egyptian pounds, in addition to an increase in the treasury-financed investments by around 15 percent to reach 228 billion pounds.

Maait said last financial year’s performance is reassuring, despite the challenging situation of the global economy. He also said that the government’s financial targets had been achieved.