GDP
Investments of Suez Canal Authority are estimated at nearly 13.1 billion Egyptian pounds in the plan of action of year 2022/2023, said Egyptian Minister of Planning and Economic Development Hala Saeed.
Gross domestic product at market price and current prices increased during the fourth quarter of the fiscal year 2020/2021, reaching LE 1.507 trillion, compared to LE 1.326 trillion during the same quarter of the previous fiscal year 2019/2020.
The Egyptian economy grew by 6.6 percent in the 2022/2021 fiscal year, compared to 3.3 percent in the previous year, as the economy grew faster than the government had expected, initially projecting 6 percent-6.2 percent.
The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy to 6.6 percent in the current fiscal year, according to its World Economic Outlook released Tuesday.
The IDSC explained that this means that economic growth is linked to energy security and stability.
Prime Minister Mostafa Madbouli stated Monday that the "State Ownership Document," which will be launched soon, consists of eight areas, and is composed of just 20 pages.
Talaat added in a statement, Tuesday, that the communications and information technology sector has been the highest growing in Egypt for three consecutive years, with a growth rate of 16 percent.
The bank had raised its forecast in April by 0.3 percent to reach 5.6 percent in January.
The Egyptian food products have a good reputation at the local and international levels, adding that sector exports increased by 20 percent in 2021.
The main axis of the economic reform program is to increase the relative weight of the sectors of manufacturing, agriculture, communications and information technology, according to Minister of Planning Hala El-Said.
Gamea pointed out Tuesday that this great interest had the greatest impact in achieving qualitative leaps and developments in the Egyptian industrial sector at the level of legislation, new investments and expansions in cities and industrial areas, as well as the rise in export indicators for all industrial sectors during the past years.
The minister presented some features of Egypt’s policies to face global economic crisis.
The minister added that the GDP estimates for FY 2022/2023 are expected to register LE 9.2 trillion, up 16 percent as compared with FY 2021/2022 rates.
The Egyptian economy has “proven itself” in the face of challenges in such flexibility that it achieved a 1.46 percent primary surplus of GDP during the fiscal year 2021/2022, according to the Cabinet.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released Tuesday figures on residential units built in FY2020/2021.
Countries in the Middle East, North Africa, Caucasus, and Central Asia regions are highly exposed to rising global food prices, particularly the price of wheat, which is expected to remain high throughout the year and into 2023.
El-Said added that public investments constitute 78 percent of the total investments in the 2022-2023 plan.
The majority of the increase came from the following sectors: construction (37 percent), followed by manufacturing (18 percent), education and health (9.4 percent), other services (8.8 percent).
This requires attaining tangible progress in digital transformation and collecting useful data, on which the AI applications depend, added the IDSC in its newly-issued series of "Visions on Road to Development".
Currently, the share of agriculture in the GDP is 15 percent, and 18 percent in exports.
