The Egyptian Minister of Planning, Hala Al-Saeed, revealed that the Egyptian economy grew by 2.9 percent in the third quarter of the current fiscal year 2020-2021.
Al-Saeed added during the Egyptian Cabinet meeting, that "the country's economy recorded a growth of about 1.9 percent in the first 9 months of the current fiscal year, compared to a growth of 5.4 percent during the same period last year. While the country's economy is expected to grow in the fourth quarter of the current fiscal year between 5.2 and 5.5 percent.
Minister Al-Saeed indicated that the trade balance deficit decreased by 1% to $9.6 billion during the period between January and March, compared to $9.7 billion during the same period in 2020. She pointed out that "the total value of non-oil merchandise exports increased during the same period by about $7.4 billion, compared to $7 billion during the same period in 2020, an increase of 6%."
She noted that the remittances of workers abroad increased, recording $15.5 billion, during the first half of this year, with an estimated increase of about 10 percent compared to the period from January to July 2020. Revealing the recovery of net foreign direct investments during the first half of 2020-2021, to record the volume of flows about 3.4 billion dollars, compared to 2.5 billion dollars during the previous half.
Source (Al-Sharq al-Awsat Newspaper, Edited)
