URGENT: Egypt’s GDP growth accelerates to 5% in Q4 FY24/25
Egypt’s economy grew by about 5 per cent in the fourth quarter of fiscal year 2024/2025, the highest quarterly growth in three years, bringing annual GDP growth to around 4.4 per cent, the ministry of planning said Tuesday.
The ministry said the strong performance exceeded initial projections and reflected the resilience of the Egyptian economy amid global uncertainty and regional geopolitical tensions. The “Egyptian economy demonstrated strong performance, driven by continuous efforts to implement policies that support macroeconomic stability, strengthen governance of public investment expenditure, and stimulate greater private participation in the economy.” the ministry said in its GDP note.
“This performance underscores the growing resilience of the Egyptian economy in the face of external shocks, underpinned by policies that safeguard macroeconomic stability, the State’s commitment to strengthening the governance of public investment, alongside the continued implementation of policies and measures under the National Structural Reform Programme.” Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said.
Growth in Q4 was led by tourism, non-oil manufacturing, and communications and information technology. Non-oil manufacturing expanded 18.81 per cent in the quarter, driven by motor vehicles (126 per cent), pharmaceuticals (52 per cent), and ready-made garments (41 per cent). Tourism activity grew 19.31 per cent, contributing to annual growth of about 17.26 per cent, while communications and IT rose 14.64 per cent in the quarter.
“At the fiscal year, these activities (tourism, non-oil manufacturing activity, and communications and IT) achieved growth rates of 17.26%, 14.68%, and 13.76%, respectively. Other activities also witnessed notable growth, including financial intermediation, insurance, electricity, and construction, which further reinforced the growth observed during the quarter.” the GDP note read.
Attribution: Amwal Al Ghad English