The number is higher than what Minister of Planning Hala El Said noted in December, in which she forecasted GDP growth at 6-7% for Q2
Egypt’s economy grew 8.3% in the 2nd quarter of the current fiscal year (FY2021/2022), and 9.8% in the first half, a record level in two decades revealed Prime Minister Madbouly yesterday.
The number is higher than what Minister of Planning and Economic Development Hala El Said noted in December, in which she forecasted GDP growth at 6-7% for Q2. Egypt’s GDP grew 1.3% during H1 of FY 2020/2021, explained El Said.
Finance Minister Mohamed Maait forecasted a 5.7% growth rate for the same FY in January, slightly higher than the 5.2% growth projected by the International Monetary Fund.
Egypt is reportedly aiming at a 5.7% GDP growth for the next fiscal year, even as economies around the world are grappling with the COVID-19 pandemic. The IMF’s projections show that the country’s economic growth would reach the pre-pandemic level in 2022-2023 at 5.6% and reach 5.7% growth in the following year.
Inflation has reached levels that prevailed before the pandemic, Madbouly said, noting that the country is on course to maintain an annual rise in the consumer prices index contained at 7%—plus or minus two percentage points.
