Egyptian Minister of Planning, Hala El-Said, expected to achieve a growth rate of approximately 5 percent by the end of the current fiscal year 2022-2023, despite the current effects of the Russian-Ukrainian crisis, whose repercussions are likely to extend during the next year.
During her review of the initial indicators of the Egyptian economy at the cabinet meeting, Minister Al-Said stated that "the preliminary data showed that the Egyptian economy continued to achieve a high growth rate during the first quarter of the fiscal year 2022-2023, at a rate of 4.4 percent, despite the challenges posed by three global events: The continuing repercussions of the Coronavirus, the Russian-Ukrainian crisis, as well as the unfavorable effects of climate change.
Al-Saeed presented the seven sectors that most contributed to the GDP during the first quarter of the current fiscal year, namely: agriculture, wholesale and retail trade, restaurants and hotels, construction, real estate activities and business services, social services, and communications and information.
It showed a slight increase in the unemployment rate, reaching 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, and the inflation rate is witnessing a rise driven by the upward trend of global inflation.
Source (Al-Sharq Al-Awsat newspaper, edited)
