This growth reading shows a slowdown compared to 2.9% in the fourth quarter of fiscal year 2022/2023
The Egyptian economic growth slowed down to 2.65% in the first quarter (Q1) of the current fiscal year 2023/2024, compared to 4.4% in fiscal year 2022/2023 earlier, according to data from the Ministry of Planning and Economic Development.
This growth reading shows a slowdown compared to 2.9% in the fourth quarter of fiscal year 2022/2023.
The World Bank forecasts that Egypt’s GDP growth to slow to 3.5% in Fiscal Year 2023/2024 down from its previous forecast of 4% according to its Global Economic Prospects report for January 2024. The World Bank also expects Egypt’s GDP growth to rise to 3.9% in Fiscal Year 2024/2025.
In December 2023, Egypt’s annual inflation rate dropped to 35.2% with inflation driven by increase in food and beverage prices, explained the Central Agency for Public Mobilization and Statistics (CAPMAS) in its latest report.
This marks the third consecutive month in which annual inflation displayed a contraction despite rising everyday costs.
