Egypt’s economy grew by 6.6% in the previous fiscal year 2021/2022 compared to a growth rate of 3.3% in the year prior, revealed The Minister of Planning and Economic Development (MPED) Hala El-Said in an official cabinet statement today.

El-Said attributed the increase to a sudden boom of growth (7.8%) during the first 9 months of the fiscal year.

During the final quarter of FY 2021/2022, Egypt’s economy saw a preliminary growth rate of 3.2%, the minister added.

The sectors that contributed most to Egypt’s GDP during FY 2021/2022, around 60% of total GDP, were the refining industry, trade agriculture, real estate activities, and extractions, explained the MPED minister.

There was significant improvement in all economic activities during the fiscal year 2021/2022, the minister added, noting that the hotel sector had the most substantial growth at a rate of 45.5%, followed by the telecommunications sector by 16.3%, then the Suez Canal at a rate of 11.7%, and the manufacturing industries by 9.9%.

Egypt’s Suez Canal recorded its highest ever performing month in July 2022, hitting $704 million in revenues.

During the cabinet meeting today in the new city of El Alamein, led by Prime Minister Mostafa Madbouly, El-Said reviewed the Egyptian economy’s performance indicators for the previous FY, as well as the indicators of economic performance for its last quarter.