The Clap
Minister of Planning and Economic Development Hala Al-Saeed announced a 7.8% economic growth in the first 9 months of FY-2022, compared to a growth of 1.9% in the same period in 2021.
The deets
Q3 FY-2022 grew at a 5.4% rate, & is expected to reach 6.2% by the end of FY-2022.
Growth drivers
Restaurants and hotels grew 62.8%
Communications grew by 16.4%
Suez Canal grew by 13%
Manufacturing industry grew by 10.3%
Building & construction grew by 8.2%
Why this matters
The International Monetary Fund (IMF) raised its forecast for the Egyptian economy’s growth during 2022 to 5.9%, the highest economic growth forecast for an oil-importing country in the Middle East.
