ALAMEIN, Egypt – Egypt achieved a growth rate of 6.6 per cent during previous FY 2021-2022, compared to a growth rate of 3.3% in a year earlier, said Planning and Economic Development Minister Hala el Said.
While reviewing the indicators of the performance of the Egyptian economy during the FY 2021-2022 along with performance in the fourth quarter of the year during a Cabinet meeting, the minister pointed out to the decision issued by the International Monetary Fund (IMF) to slash the global growth forecast for 2022 to 3.2 per cent, down by 0.4 percentage points from the April projection.
The rate of inflation worldwide continues to rise backed by skyrocketing prices in energy and food, the minister added during the meeting.
The average global inflation rate is expected to hit 8.3 percent during 2022 to register 6.6 per cent in the advanced economies and 9.5 per cent in the developing economies, she further noted.
The minister also said that estimates indicate that inflation will return to pre-Coronavirus pandemic levels during 2024, in case of absence of exacerbating inflationary pressures, according to the minister.
Turning to the performance of the Egyptian economy, the minister pointed out that there was a noticeable improvement in all economic activities during FY 2021-2022, as the leading sectors of growth were the restaurants and hotels sector, which witnessed a growth of 45.5 percent, telecommunications (16.3 per cent), the Suez Canal (11.7 per cent).
In this context, El Said clarified the sectors that contributed the most to the GDP during FY 2021-2022 , as they contributed by about 60 per cent of the total output, are manufacturing, agriculture, real estate, trade, extraction, and real estate activities.
The minister further noted that the unemployment rate was stable at 7.2 per cent during the last quarter of FY 2021-2022.
