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Egypts GDP

Fitch Ratings drops Egypt’s GDP forecast for FY 2022/2023

In terms of Egypt’s external position, Fitch expects it to stay weak as the conflict continues to drive risk aversion towards emerging markets, which may make it more difficult for the return of portfolio returns

PM launches nation-wide consultations for state ownership policy document

Described as a “new stage that the state is embarking on to determine its vision for the economy” by the Madbouly, discussions will center on the government’s strategy

World Bank raises Egypt’s 2022 GDP forecast to 6.1%

The World Bank pointed towards rising food and energy inflation causing income growth and raising input costs in key sector

Egypt’s food industry sector contributed to 24.5% of GDP and 23.3% of employment

The Chamber of Food Industries is working on raising the competitiveness of the sector and increasing production by attracting informal companies to join the formal economy

Economy forecasted to hit 6.2% by end of FY after growing 7.8% in first 9Ms of FY 21/22

Industries that grew significantly were food, chemicals, pharmaceuticals, building materials, and home appliances