File Photo: Egypt s Planning minister Hala El-Saeed (Photo: Al-Ahram)
This brings the total growth in the first half of the fiscal year (July-December 2021) to 9 percent, Minister of Planning and Economic Development Hala El-Said announced on Tuesday.
El-Said made her statements during a press conference at the ministry’s headquarter in order to release the results of the 2Q of FY2021/22.
The minister noted that Egypt’s real GDP growth is projected to reach 6.2 percent up to 6.5 percent by end of current FY2021/22, which exceeds the expectations of the international financial institutions projections.
In January, International Monetary Fund (IMF) upgraded Egypt’s real GDP growth by 0.4 percent in 2022 to 5.6 percent, compared to the fund’s October 2021 projections.
In addition, the World Bank revised up its forecasts for Egypts real GDP growth to 5.5 in FY2021/22, while maintaining Egypt’s outlook for FY222/23 at the same rate of 5.5 percent.
El-Said noted that all sectors witnessed a positive performance during the second quarter of FY2021/22, including the tourism sector that grew by 63 percent, with a total growth estimated at 108 percent in the 1H of FY2021/22.
Additionally, the communications sector expanded by 16.7 percent, the industry by 10 percent, and the Suez Canal by 13 percent, according to the minister.
In regards with the largest sectors in terms of their contribution to the country’s GDP, El-Said expounded that they involve the sectors of medium industries, retail, agriculture, real-estate activities and extraction operations.
For the unemployment rate, the minister noted that it fell to 7.4 percent in the Q2 of FY2021/22, down from 7.5 percent in the 1Q of the fiscal year.
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