CAIRO – Minister of Planning, Economic Development and International Cooperation Rania Al Mashat announced that Egypt’s economy grew by 4.4% in fiscal year 2024/2025, led by a 17.3% jump in tourism and a 14.68% increase in non petroleum manufacturing, reversing a 5.2% contraction in the previous year.
During a press briefing after the weekly Cabinet meeting, Al Mashat added that inflation dropped to 12% year-on-year in August, while foreign reserves hit a record $49.2 billion. Credit to the real private business sector rose by 7.35%, non petroleum exports grew by 13.7%, and workers’ remittances surged 66.2%.
She added that the primary surplus reached EGP 629.2 billion, equivalent to 3.6% of GDP, the highest ever recorded.
In the fourth quarter alone, the economy expanded by 5%, the highest quarterly rate in three years. Non petroleum manufacturing grew 18.8% in that quarter, while tourism, ICT, and construction sectors also posted strong gains.
However, the Suez Canal sector fell by 52%, and extraction activity declined by 8.9% due to reduced output in oil and gas fields.
The minister unveiled that the government has issued directives to govern public investments more strictly, setting financial ceilings and integrating monitoring systems across state owned enterprises to control spending, support reforms, and open space for private investment.
