Egypt’s economic growth shrinks to 2.65% in Q1 FY2023/24

Updated 1/16/2024 7:34:00 AM
Egypt’s economic growth shrinks to 2.65% in Q1 FY2023/24

Arab Finance: The Egyptian economic growth slowed down to 2.65% in the first quarter (Q1) of the current fiscal year (FY) 2023/2024, compared to 4.4% in the same period a FY earlier, Asharq Business reported citing data from the Ministry of Planning and Economic Development.

In December, Minister of Planning Hala Elsaid stated that the Egyptian government downgraded its economic growth forecast for the FY of 2023/2024 by 0.7% to 3.5%.

This forecast may increase or decrease a little based on the impact of the Gaza-Israel war, Elsaid noted.

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