Egypt's GDP growth rate accelerates to 3-year high
Egypt's real gross domestic product (GDP) growth accelerated to 4.77% in the third quarter (Q3) of fiscal year (FY) 2024/2025, up from 2.2% in Q3 of FY23/24.
Minister of Planning, Economic Development, and International Cooperation Rania El-Mashat highlighted that the growth rate is the highest quarterly rate in three years.
This pushed average growth for the first nine months (9M) of FY 24/25 to 4.2%, compared to 2.4% during the same period in the previous FY.
El-Mashat attributed the robust performance to the continued implementation of the reform agenda in line with the National Structural Reform Program.
The initiative aims at maintaining macroeconomic stability, enhancing the governance of public investment, promoting economic competitiveness, and boosting private sector participation.
Additionally, private investment increased by 24.2% year-on-year (YoY) in Q3 of FY24/25, exceeding public investment for the third consecutive quarter and accounting for 62.8% of total implemented investments (excluding inventory).
Non-oil manufacturing sector witnessed positive growth for the fourth consecutive quarter, hitting 16% during Q3 of FY24/25, marking a rebound from the contraction of around 4% recorded in the same period of the previous fiscal year.
On the other hand, the Suez Canal's business fell by 23.1%, compared to a sharper contraction of 51.6% in Q3 of FY23/24, which marked the onset of reduced vessel traffic due to escalating geopolitical tensions.
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