Egypt’s real GDP growth slows to 2.65 percent in Q1 FY2023/2024

Ahram Online , Monday 15 Jan 2024

Egypt’s real GDP growth rate slowed to 2.65 percent in the first quarter of the fiscal year 2023/2024 from 4.4 percent in the same quarter of FY2022/2023 (July-September), according to data released by the Ministry of Planning and Economic Development on Monday.

A general view of the Nile river in Cairo, Egypt. (AP)
A general view of the Nile river in Cairo, Egypt. (AP)


The latest growth reading shows a slowdown compared to 2.9 percent in the fourth quarter of FY2022/2023 (April-June).

Egypt’s GDP grew by 3.9 percent in the third and second quarters of FY2022/2023.

The fiscal year in Egypt starts on 1 July and ends on 30 June the next year.

The World Bank downgraded its forecasts for Egypt’s real GDP growth for 2024 to 3.5 percent from 3.7 percent in a previous estimate.

In December, the Egyptian government revised down to 3.5 percent its forecast for the country’s real GDP growth during the current fiscal year from 4.2 percent a month earlier.

The decline was mainly due to the consecutive external shocks and disturbances that hit the country’s economy, including the geopolitical tensions in the Middle East and the repercussions of the war in Ukraine.

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