Planning Ministry says annual growth rate reached 3.8% in 2022-2023

Egyptian Planning Minister Hala el Saeed said on Monday that Egypt’s real annual growth rate reached 3.8 per cent in 2022-2023.

Reviewing a report by her Ministry on the most important indicators of the Egyptian economy, Saeed said that the Gross Domestic Product reached about LE10.2 trillion.

The report stated that unemployment rates reached 7 per cent of the total workforce, which is 30.9 million workers for the formal and informal economies, during the fourth quarter of the fiscal year 2022-2023.

It expected the inflation rate to go down especially with an initiative to reduce prices of commodities now in place. The report still pointed to a slight decline in the inflation rate, which reached 38 per cent in September compared with 39.7 per cent in August.

The balance of trade (BOT) deficit dropped by 28.1 per cent and reached $31.2 billion in 2022-2023, according to the report.

Foreign Direct Investments and the Suez Canal activities amounted to some $10 billion during the last fiscal year, the report said, noting that this is a 12.8-per cent rise on the year before.