25 Nov 2021
The Minister of Planning & Economic Development reported that Egypt’s GDP grew by 9.8% in 1Q21/22. This is in comparison to 0.7% growth in 1Q20/21. The current rate of economic growth is the highest in two decades. The Minister said that the economy is expected to grow by 5.5-5.7% during FY21/22.
The highest growth was witnessed in the hospitality sector (hotels and restaurants), which grew by 182%. The Suez Canal’s revenues also showed impressive growth of 20%, as well as the telecommunications sector which grew by over 16%. Furthermore, the manufacturing sector had its best quarter in two decades, growing by 15%. Construction also grew by 11%. The sectors that contributed the most to GDP in 1Q21/22 were manufacturing, agriculture, trade, and real estate.
(Source: Ministry of Planning & Economic Development (English) (Arabic), Reuters (English), Amwal al-Ghad (English) (Arabic), Zawya (English), Egypt Today (English), Daily News Egypt (English), al-Sharq al-Awsat (English), al-Maal, Mubasher, al-Borsa News, Economy Plus Me, al-Ahram, al-Youm al-Saabe, al-Shurouk, Akhbar al-Youm, Sada el-Balad, CNBC Arabia, al-Arabiya, Euronews)