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FinancialNews


  • 15-03-23

    Egypt’s economy projected to surge 4.2 percent, unemployment rate falls to 7 percent

    (MENAFN) Egypt’s economy is anticipated to surge by 4.2 percent in the ongoing economic year closing in June, the nation’s cabinet stated on Tuesday, much lower than earlier estimate.

    The gross domestic product surged by 3.9 percent in the fourth quarter of last year, the second quarter of the economic year, whereas the unemployment rate dropped to 7.2 percent, the announcement added.

    Financial expansion decelerated from 4.4 percent in July to September, whereas the unemployment level dropped from 7.4 percent in that quarter.

    Egypt’s economic year starts in July and closes in June.

    Suez Canal incomes amounted to USD2.2 billion in the second quarter, surging from USD1.7 billion in the same span of time a year before.

    In November, the Planning Ministry stated that Egypt anticipated its economy to surge nearly 5 percent in 2022/23.

    Finance Minister Mohamed Maait stated that in December that Egypt aims at GDP expansion of 5.5 percent in the 2023/24 economic year.

    MENAFN15032023000045014228ID1105782988

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