The Egyptian government revealed that economic growth reached 4.4 percent in the first quarter of the current fiscal year 2022-2023.
According to the government statement, the unemployment rate rose slightly to 7.4 percent during the first quarter of the current fiscal year, compared to 7.2 percent in the corresponding quarter of the previous year.
Finance Minister Mohamed Maait pointed out that "the Egyptian economy has become more attractive to foreign investments as a result of the elaborate implementation of the economic reform program, which was praised by international financing and rating institutions," considering that "the financial indicators for the year ending in June 2022 showed a primary surplus of 1.3 percent." Where we succeeded in converting the initial deficit of the budget, which lasted for more than 21 consecutive years, into a surplus for the fifth year in a row.
He explained, "The Egyptian economy recorded the highest growth rate since 2008, at a rate of 6.6 percent. We also succeeded in reducing the budget deficit rate of GDP to 6.1 percent, and reducing the debt ratio of GDP to 87.2 percent by the end of June 2022."
Source (Al-Arabiya.net website, edited)
