The annual inflation rate recorded 25.6% for the month of August 2024, compared to 39.7% for the same month of the previous year.
Fitch Solutions affirmed its economic forecast for Egypt’s growth in the current fiscal year (FY2024/2025), citing increased investment, a rebound in the manufacturing sector, and the expected resolution of the Gaza conflict by late 2024
This is the first positive shift in the non-oil private sector since November 2020.
Annual core inflation also slowed to 24.4% in July from June’s 26.6%, reaching its lowest level since December 2022, marking fifth consecutive month of decline
Madbouly also highlighted that the country’s cash reserves cover eight months of economic stability, asserting that foreign currency sources inside Egypt are stable
