Egypt’s economy records 4.4% growth during Q1 –minister

Egypt achieved high economic growth recording 4.4 percent during the first quarter of the current fiscal year, said the Planning and Development Minister Hala al-Saeed on Monday.

el Saeed added the growth of the global economy slowed from 6 percent in 2021 to 3.2 percent during the current year, with expectations of a continued decline in growth rates to reach 2.7 percent during the next year.

She also reviewed the development of economic indicators worldwide in light of the repercussions of the Russian-Ukrainian crisis, according to the Cabinet‘s statement.

The global trade activity is expected to decline during the next two years, as the current year witnessed a sharp fall in global trade growth rates to 4.3 percent, with a further slowdown expected to 2.5 percent during by 2023, el Saeed noted.

The remarks came in a separate meeting with the Prime Minister Moustafa Madbouly, to review the important preliminary economic indicators for the Egyptian economy during the first quarter of the current fiscal year.