Egypt’s economy grew 9.8% in Q1 FY2021-22, highest in two decades – Cabinet

Egypt’s economy grew by 9.8 percent in the first quarter of the financial year 2021-2022, the highest quarterly growth rate in two decades, a Cabinet statement quoted the planning minister as saying on Wednesday.

The country recorded a 0.7 percent growth in the first quarter of the financial year 2020-2021.

Minister of Planning Hala al-Saeed announced on Tuesday that the country expects a GDP growth of 5.5-5.7 percent in the financial year 2021-2022 that ends in June, compared with 3.3 percent last year.

The recent data suggest a more positive momentum going forward, showing signs of economic recovery from the COVID-19 pandemic, the minister said.