Egypt’s economy grew 7.8% in the first 9 months of the fiscal year (FY) 2021/2022, outperforming the 1.9% GDP growth recorded in the same period in FY 2020/2021, revealed Minister of Planning and Economic Development Hala El-Said.

During the 3rd quarter of the current fiscal year, Egypt’s economic growth reached 5.4%, with El-Said noting that real GDP growth is expected to hit 6.2% by the end of the FY (ending in June).

On a sectoral level, there was a noticeable improvement in all economic activities during this period, she said, as the leading sectors witnessing growth were the restaurants and hotels sector by 62.8%, and the telecommunication sector by 16.4%.

Overall, the highest-contributing sectors to the country’s GDP over the first 9 months of the fiscal year were transformative industries, trade, extractive industries, real estate, and agriculture, adding that the country's chemicals, plastics and fertilizers exports. These generated around 61% of Egypt’s GDP.

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

Growth during this period was driven by a 62.8% growth in the restaurant and hospitality sector, followed by telecommunications with 16.3%, the Suez Canal with 13%, transformative industries with 10.3%, and construction with 6.3%.

The minister said that the growth during Q3 ended March was led by a 16.3% growth in telecommunication, followed by the Suez Canal with 9.8%, transformative industries with 8.5%, and construction with 6.3%.