El-Said presented her findings on Egypt's FY2022/2023 performance during a meeting with Egypt’s Prime Minister Mostafa Madbouly.
This projection exceeds the expectations of a number of international financial institutions, including the International Monetary Fund (IMF), which predicted a growth rate of 4 percent.
Egypt’s real GDP growth recorded 3.9 percent during the second quarter of FY2022/2023 (October-December), and 4.2 percent in the first half of the fiscal year (July-December 2022), driven mainly by the growth of the telecom, agriculture, real estate, wholesale and retail sectors, according to the minister.
El-Said also reported that Egypt's exports grew by 12.4 percent in the first quarter of FY2022/2023, and net foreign direct investment (FDI) inflows increased by 94 percent.
“Despite the government's efforts to contain the soaring inflation below 5 percent in FY2020/2021, down from 25 percent in FY2016/21017, the Russian-Ukrainian conflict contributed to a rise in inflation to around 15 percent in 2022 which then accelerated to 33 percent in February due to the war”, El-Said stated.
Additionally, El-Said noted that the Suez Canal revenues rose to $2.2 billion in the second quarter of FY2022/2023, up from $1.7 billion in the corresponding quarter of FY2021/2022.