GDP
The minister reiterated the government’s commitment to implementing effective measures to support macroeconomic stability
The forecast was lowered “due to weak manufacturing activity, import restrictions, a downturn in gas extraction operations, and reduced shipping through the Suez Canal”.
According to the release, the Ras El Hekma megaproject is expected to contribute approximately $25 billion annually to Egypt's GDP and create around 750,000 jobs, with projected cumulative investments reaching $110 billion by 2045
The country’s GDP was recorded at LE 2.14 trillion, up from LE 2.09 trillion in FY2022/2023, according to the report
The investment minister also disclosed that they anticipate a growth rate of 5.5 percent in the coming FY, with projections at 6.5 percent by 2030
The Egyptian government targets to allocate 1.8 percent of GDP for spendings on research and development (for the Ministry of Higher Education) in 2030, compared to about 1.2 percent in the current fiscal year 2024/2025.
This forecast is only slightly below the International Monetary Fund’s (IMF) expectations of 4.1 percent after its latest revision, followed by the World Bank and Egypt’s own forecast of 4.2 percent
Electricity use increased by 12 percent in 2024.
Globally, growth projections remain stable at 3.2 percent for 2024 and 3.3 percent for 2025
In 2023, Egypt’s tourism sector contributed around 24 percent of the country’s GDP in 2023, recording around LE 953 billion
For the coming fiscal year, the WB affirmed its previous forecast, predicting a 4.2 percent growth rate for FY2024/2025, while estimating a slight bump for FY2025/2026 to 4.6 percent
The total budget for the upcoming fiscal year is currently at approximately LE 5.5 trillion, a significant increase from the current fiscal year’s budget of about LE 3.4 trillion
BMI Research, a subsidiary of Fitch Solutions, revised its forecast for Egypt’s growth in the current and coming fiscal years, displaying cautious optimism as it expects stronger growth in investment spending for FY2024/2025
She noted that in spite of the anticipated economic growth deceleration in 2024 due to Middle East conflicts, the rate is projected to surpass regional average.
Furthermore, he pointed to Egypt’s target of achieving a primary surplus of 3.5 percent in the fiscal year 2024/2025.
Seen by the Arab World News Agency, the report shares that Goldman Sachs predicts the country’s real GDP growth to average between 6-6.5 percent for FY2025/202
These discussions took place during an open dialogue on the upcoming budget for FY2024/2025, which is set to commence on July 1st
El-Sisi pointed to the importance of ensuring that investments are channeled in a manner that maximizes benefits for the citizens
Speaking at a press conference in Cairo on Sunday, Maait also disclosed that the primary surplus for the same period amounted to LE 193 billion, a rise from the LE 41.8 billion reported a year ago.
The latest data reveals a slowdown compared to the 2.9 percent growth witnessed in the fourth quarter of the fiscal year 2022/2023.
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