Egypt’s GDP grew 9.8% during Q1-2022, the highest quarterly growth rate over the past two decades, compared to a growth rate of 0.7% during Q1-2021.
More details🧐 Minister of Planning & Economic Development Dr. Hala Al Saeed reviewed economic indicators in yesterday’s cabinet meeting, adding that the annual growth rate will be between 5.5-5.7% by the end of FY 2022, driven by the strong start in Q1-2022.
Why is this important🤔 Restaurants & hotels contributed the most with a 182% quarterly growth rate, reflecting the sector’s recovery from the effects of the pandemic. The Suez Canal achieved a 20% growth rate. Other major contributors include the telecommunications, manufacturing, & construction sectors, which achieved growth rates of 16%, 15%, & 10.5%, respectively.