Egypt’s economy hits 3.9% growth in Q2 of FY 22/23

Egypt’s economy grew during the second quarter of the current fiscal year by 3.9 percent, according to initial data of the Ministry of Planning and Economic Development on Tuesday.

Hala al-Saeed, Minister of Planning noted that sectors of telecommunications, agriculture, retail sectors, real estate activities, business services, social services, construction and construction contributed 80 percent to GDP growth.

Suez Canal’s revenue reached $2.2 billion in the second quarter of the current fiscal year with a monthly average of $722 million, compared with $1.7 billion in the corresponding quarter of the previous fiscal year, al-Saeed added.

Economic growth slowed from 4.4 percent in July-September, while the unemployment rate slipped from 7.4 percent in that quarter.

“Despite the current effects of the Russian-Ukrainian crisis, which is likely to extend over the next year, the Egyptian economy is expected to grow by about 4.2 percent by the end of the fiscal year 2022/2023,” she added.

These announcements came during a meeting of the Egyptian Cabinet with the Prime Minister Moustafa Madbouly, Minister of Finance Mohamed Maait, according to a statement.