Egypt’s economy expected to grow 4.2% in 2022/23 fiscal year

Egypt’s economy is expected to grow 4.2% in the current fiscal year ending in June, the cabinet said on Tuesday, much less than previously forecast.

Gross domestic product grew by 3.9% in October-December, the second quarter of the fiscal year, while the unemployment rate fell to 7.2%, the statement said.

Economic growth slowed from 4.4% in July-September, while the unemployment rate slipped from 7.4% in that quarter.

Egypt’s fiscal year begins in July and ends in June.

Suez Canal revenues totalled $2.2 billion in the second quarter, up from $1.7 billion in the same period a year earlier.

In November, the planning ministry had said Egypt expected its economy to grow almost 5% in 2022/23.

Finance minister Mohamed Maait said in December that Egypt targets GDP growth of 5.5% in the 2023/24 fiscal year.

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