The Egyptian Cabinet revealed that the Egyptian gross domestic product grew by 7.7 percent during the three months from March to the end of June 2021, compared to a contraction of 1.7 percent during the same period last year.
According to the Egyptian Cabinet, growth is expected to reach 5.4 percent during the current fiscal year, which began in July.
The Minister of Planning and Economic Development, Hala Al-Saeed, reviewed, during the cabinet meeting, the initial indicators of the performance of the economy during the last quarter and the fiscal year 2020/2021. Al-Saeed also pointed to the increasing trend of quarterly growth rates during the fiscal year 2020/21, which rose from 0.7 percent in the first quarter to 2 percent in the second quarter and then to 2.9 percent in the third quarter, despite the great challenges that the Egyptian economy faced during this year due to the repercussions of the Corona pandemic, whereas the annual growth rate of GDP declined during the fiscal year 2019/2020 to record 3.6%, compared to about 5.6% growth achieved during the previous fiscal year, while the initial results indicate a growth rate of 3.3% during the fiscal year 2020/2021.
Source (Al-Arabiya.net website, Edited)
