The Central Bank of Egypt (CBE) revealed real GDP growth in the third quarter of 2024 faster than the 2.4% recorded during the second quarter of the same year.
The CBE indicated that the expectations of economic activity for the fourth quarter of 2024 indicate the continuation of its upward trend. However, it has not yet achieved its maximum capacity, which supports the downward path of inflation in the short term and is expected to recover by the fiscal year 2024/2025.
The unemployment rate witnessed a slight increase to 6.7% during the third quarter of 2024 compared to 6.5% during the second quarter of the same year, as the pace of job creation did not keep pace with the growth rates of expatriates in the labor market. The CBE noted that general annual inflation remained largely stable for the third consecutive month at 26.5% in October 2024.
