Egypt’s GDP will grow 4.0% in the next fiscal year


Share on social networks

inspenet - 1648

Inspenet, April 13, 2023

The World Bank projected this week a growth of Egypt’s Gross Domestic Product (GDP) of around 4.0% during the next fiscal year, one point less than what was estimated by the Government.

In its updated economic report on North Africa and the Middle East, the institution specified that the country’s GDP will rise a similar figure in the current fiscal year, ending on July 30.

La plataforma de produccion flotante Northern Producer fue demolida
Un chofer humanoide se apodera del volante de un
TerraPower construye una planta de reactores nucleares
El robot Eve ahora obedece comandos de voz
En China estan fabricando robots con expresiones faciales
Floating production platform Northern Producer successfully demolished
A humanoid driver takes over the steering wheel of a robotaxi
Bill Gates and TerraPower build nuclear reactor plant in the U.S.
Eve robot now obeys voice commands
China is making robots that perform facial movements
previous arrowprevious arrow
next arrownext arrow

According to the entity, Egypt improved its foreign exchange reserves due to the increase in income from tourism and the Suez Canal, as well as foreign financing. However, as adverse factors he cited the shortage of foreign currency and the growth of the budget deficit.

Finance Minister Mohamed Maait said this month that the national economy will grow 5.0% next fiscal year, which begins on July 1. Maait estimated a primary surplus of 2.5 percent of GDP, with a general deficit rate of 6.37%.

Days before, the head of Planning and Economic Development Hala El-Said announced that GDP will grow 4.2% in this fiscal year, a drop compared to the 5.5% expected at the end of 2022.

However, the projection exceeds the expectations of global financial institutions, including the International Monetary Fund, which estimated growth of 4.0%.

The official reported that exports from Egypt grew by 12.4% in the first quarter of the current fiscal year, while net inflows of foreign direct investment increased 94%.

Source :

Photo: ShutterStock

Don’t miss the Inspenet News at:

Share this news on your social networks

Rate this post
1 star2 stars3 stars4 stars5 stars (No rating yet)
loading spinnerLoading...