Over the first 9 months of FY2020/2021, the GDP’s average growth rate was 1.9 percent, compared to about 5.4 percent in the same period last year
Egypt’s economy continues its upwards growth, recording a gross domestic product (GDP) growth rate of 2.9 percent in Q3 of fiscal year 2020/2021.
Over the first 9 months of FY2020/2021, the GDP’s average growth rate was 1.9 percent, compared to about 5.4 percent in the same period last year.
The data was unveiled during Minister of Planning and Economic Development, Hala El Said during today's cabinet meeting headed by Prime Minister Mostafa Madbouly.
El Said reviewed a report on the performance of the Egyptian economy, affirming the Egyptian economy’s continued positive and increasing growth rates during the third quarter of this year 2020/2021.
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The minister pointed out that expectations indicate that the growth rate will continue to rise during the fourth quarter of this year, ranging from 5.2 percent to 5.5 percent.
Several economic sectors were able to maintain positive growth rates, including communications, construction, transport, storage, agricultural, health, and education
On the down side, the sectors most affected by the pandemic were the tourism and manufacturing sectors as well as the Suez Canal.
The communications sector’s contribution to the GDP rose to 3.2 percent from 2.8 percent, posting a positive growth of 16.2 percent.
The sectors of wholesale and retail trade, industry, agriculture, and real estate represented 51.9 percent of the GDP.
