CAIRO — Egypt’s Gross Domestic Product (GDP) recorded a growth rate of 2.4% during the last quarter of 2023/2024 fiscal year, bringing the annual growth rate to 2.4%, compared to 3.8% in 2022/2023 fiscal year, Minister of Planning, Economic Development, and International Cooperation Rania Al Mashat announced.
Addressing a press conference to present the quarterly indicators and results of structural reforms, Mashat explained that the growth rate was affected by successive external shocks and geopolitical tensions, in addition to the contractionary policies adopted by the government to restore macroeconomic stability, primarily through governance of public investments.
This was partly offset by rising growth rates in several economic sectors, including communications and information technology, tourism, represented by restaurants and hotels, transportation and storage, wholesale and retail trade, as well as social services such as education and health, she noted.
The minister also highlighted that economic activity is expected to improve as the government continues to adopt effective measures and policies that support macroeconomic stability, stimulate private sector activity, and enhance the governance of public investments and the efficiency of resource allocation across economic sectors.
“This approach follows the priorities and cost-benefit criteria, in addition to the impacts of implementing structural reform policies.”
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