Egypt's Economic Growth Forecast for 2025 at 4%
Egyptian Minister of Planning predicts steady economic growth amidst external challenges.
Egypt's Minister of Planning and Economic Development, Rania El-Mashat, has projected that the nation's economy will grow by 4% during the fiscal year ending in June 2025. This forecast aligns with a January survey published by Reuters, which indicated similar expectations for economic growth.
According to previous data from the Ministry of Planning, Egypt's GDP recorded a growth rate of 3.5% in the first quarter of the fiscal year, contrasting with a growth rate of 2.7% in the same quarter of the previous fiscal year.
El-Mashat made these remarks at the World Government Summit in Dubai, highlighting the positive performance in key sectors, notably in non-petroleum manufacturing, contributing to the GDP growth in the first quarter.
However, this occurred despite a continual decline in activity in the Suez Canal sector.
The Suez Canal, a vital waterway for global trade, experienced a significant contraction, with reports indicating a decrease in activity by 68.4% during the first quarter of the fiscal year.
The government of Egypt is focusing on transitioning towards a more resilient economy capable of withstanding external fluctuations, placing emphasis on localizing industries, human development, and empowering entrepreneurs.
Additionally, the growth rate of Egypt's GDP is expected to decline to 2.4% for the fiscal year 2023-2024, down from 3.8% the previous year.
This downturn, according to the Central Bank of Egypt, is attributed to several factors, including a currency crisis and the ongoing conflict in the Gaza Strip, which have adversely impacted Suez Canal revenues and slowed down tourism activity.
According to previous data from the Ministry of Planning, Egypt's GDP recorded a growth rate of 3.5% in the first quarter of the fiscal year, contrasting with a growth rate of 2.7% in the same quarter of the previous fiscal year.
El-Mashat made these remarks at the World Government Summit in Dubai, highlighting the positive performance in key sectors, notably in non-petroleum manufacturing, contributing to the GDP growth in the first quarter.
However, this occurred despite a continual decline in activity in the Suez Canal sector.
The Suez Canal, a vital waterway for global trade, experienced a significant contraction, with reports indicating a decrease in activity by 68.4% during the first quarter of the fiscal year.
The government of Egypt is focusing on transitioning towards a more resilient economy capable of withstanding external fluctuations, placing emphasis on localizing industries, human development, and empowering entrepreneurs.
Additionally, the growth rate of Egypt's GDP is expected to decline to 2.4% for the fiscal year 2023-2024, down from 3.8% the previous year.
This downturn, according to the Central Bank of Egypt, is attributed to several factors, including a currency crisis and the ongoing conflict in the Gaza Strip, which have adversely impacted Suez Canal revenues and slowed down tourism activity.
