Egypt’s economy grows by 3.5% in Q1-FY24/25
Egypt’s economy grew by 3.5 per cent during the first quarter of the fiscal year 2024-2025, an improvement from 2.7 per cent in the same period of the previous fiscal year (2023-2024), according to a Cabinet statement on Tuesday.
The announcement followed Prime Minister Moustafa Madbouly holding the weekly economic ministerial meeting late Monday.
Private sector investments increased by 30 per cent, reaching 133.1 billion Egyptian pounds (at constant prices), up from 102.3 billion pounds in the first quarter of 2023-2024. Meanwhile, public sector investments saw a significant decline of 60.5 per cent, falling to 57.0 billion pounds (at constant prices) from 144.4 billion pounds in the same quarter last year.
The industrial production index – excluding oil refining – registered a positive growth of 6 per cent on average in the first quarter of 2024-2025, compared to a 7.7 per cent contraction in the first quarter of 2023-2024.
- Communications and Information Technology grew by 12.2 per cent.
- Tourism (measured by restaurants and hotels) increased by 8.2 per cent.
- Electricity saw a growth of 7.4 per cent.
- Transport and Storage grew by 15.6 per cent.
- Social Services (including health and education) grew by 4.5 per cent.
- Agriculture grew by 2.65 per cent.
The Purchasing Managers’ Index (PMI) for November 2024 showed a slight increase to 49.2 points, compared to 49.0 points in October, remaining close to the neutral level of 50 points for the third consecutive month.
Foreign export order inflows rose for the seventh consecutive month, indicating a positive recovery in export activity.
These figures align with the government’s expectations of 4 per cent GDP growth for the full fiscal year 2024-2025, supported by ongoing economic reforms and a stronger role for the private sector.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser
