3 key sectors drive Egypt’s economic growth in Q1 FY2024/25
Updated 1/26/2025 8:32:00 AM
Arab Finance: The sectors of manufacturing, tourism, and information and communications technology (ICT) have led Egypt’s economic growth in the first quarter (Q1) of fiscal year (FY) 2024/2025 to about 3.5%, compared to 2.4% in the previous quarter, Minister of Finance Ahmed Kouchouk revealed.
During the annual World Economic Forum (WEF) meeting in Davos, the minister added that the Egyptian private investments to total state investments exceeded 63% for the first time in a while.
The state aims to govern the management of economic activity by setting an annual ceiling for public investments, public government debt, and government guarantees, according to Kouchouk.
The government promotes long-term investments in education and smart infrastructure to build a diversified knowledge-based economy, he stated.
He also said that the state seeks to increase reliance on renewable energy sources by expanding green investments and enabling the private sector to lead green economy initiatives.
Moreover, he affirmed that the Egyptian economy will further improve due to the integration of economic and structural reforms within a developed framework that stimulates private sector growth.
Kouchouk noted that the government plans to increase the competitiveness of the Egyptian economy, especially the industrial sector and export activities.
Furthermore, the minister highlighted the importance of regional efforts and economic cooperation to alleviate the impact of global supply chain disruptions, boost inter-trade, expand investments in infrastructure, and promote digital technology exchange.
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