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Egypt sees highest recorded quarterly growth rate in the last 2 decades

The restaurants and hotels sector saw the highest quarterly growth rate by around 181.8%

By: Business Today Egypt

Wed, Nov. 24, 2021

Egypt’s economy saw growth go up by 9.8% during the current fiscal year’s (FY 2021/2022) first quarter, the highest recorded in the past 2 decades, compared to 0.7% in Q1 of the previous FY, said Egyptian Minister of Planning and Economic Development, Hala El Said.

During a recent cabinet meeting, El Said stated that the annual economic growth rate is expected to record between 5.5% and 5.7% by the end of 2021/2022, reflecting various sectors’ recovery in Q1 of 2021/2022.

Related > Egypt was 2nd top Arab destination for FDIs in 2020 | PlanningMin

The restaurants and hotels sector saw the highest quarterly growth rate by around 181.8%, displaying a significant recovery for the sector after the pandemic’s effects on the industry.

International trade route Suez Canal saw growth of 20% year-on-year (YoY), driven by higher revenues, number of ships, and tonnage. The Suez Canal recorded its highest monthly tonnage in its history with 112.1 million tons passing through the canal in October 2021, with the authority aiming to increase toll fees for vessels transiting through the canal by 6%.

Telecommunications, manufacturing, and construction sectors recorded growth rates of 16.3%, about 15.2%, and 10.5%, respectively.

The minister also noted Egypt’s inflation numbers, which went up to 8% on an annual basis and 1.6% on a monthly basis during September due to the higher global prices of energy, food commodities, and minerals.