Minister of Social Solidarity Nevine al-Qabaj highlighted Tuesday that Egypt's expenditure on social care, protection and development rose to 9.5 percent of the GDP in 2022.
This is lower than the previously forecasted 20 percent, with AfDB pointing to “high food and nonfood prices and the devaluation of the Egyptian pound"
The moderator of one of the sessions said that the share of the manufacturing sector in the GDP dropped to 16 percent, which is quite low.
The report noted that increased gas exports, Egypt's role as an energy hub in the eastern Mediterranean, and the implementation of business-environment reforms supported by the International Monetary Fund (IMF) were main factors to the positive outlook
The total debt-to-GDP declined to 87.2 percent by June 2022 from 90.6 percent the previous year.
BNP Paribas contributed the short-term deaccelerated growth to weakened household purchasing power and a slowdown in some major infrastructure programs
The World Bank elaborated that Egypt's forecast reflects the expectation that its competitiveness might be increased due to the recent depreciation of the Egyptian pound.
The International Monetary Fund expected Egypt's economy will grow by 5.9% in 2025/2026
The minister underscored that the average growth rate in 2021 recorded 7.1 percent.
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.