Data from the Central Bank of Egypt showed real GDP growth of 2.4% in the second quarter of 2024 compared to about 2.2% in the first quarter of 2024, indicating a slowdown in growth during the fiscal year 2023/2024 to 2.4% compared to about 3.8% during the fiscal year 2022/2023.
According to the Central Bank of Egypt, the reason for the slight increase is due to the increasing contributions of the non-petroleum manufacturing sector, construction and trade, and trade to GDP.
Preliminary indicators for the third quarter of 2024 indicate that real economic activity is gradually recovering, and is expected to reach its maximum capacity by the 2025/2026 fiscal year. The data shows that the annual rate of general and core inflation stabilized at about 26.4% and 25.0%, respectively, in September 2024.
