Arab Finance: Egypt’s trade balance deficit fell by 28.1% to $31.2 billion in fiscal year (FY) 2022/2023, according to a report by the Ministry of Planning and Economic Development on the Egyptian economy’s indicators.

The state’s tourism revenues amounted to $13.6 billion at the end of FY 2022/2023, recording an annual growth rate of 27%.

Meanwhile, the country's gross domestic product (GDP) reached EGP 10.2 trillion, up from a target of EGP 9.2 trillion for the FY.

Minister of Planning Hala Elsaid previously announced that Egypt achieved economic growth of 3.8% during the elapsed FY 2022/2023, down from a previous forecast of 4%.

As for the telecom sector, the country’s digital exports hit $4.9 billion in the past fiscal year, and investments into fintech startups rose by 22%.

In FY 2022/2023, the Suez Canal recorded the highest annual revenues in its history, amounting to $9.4 billion.

In the fourth quarter (Q4) of FY 2022/2023, the unemployment rate in Egypt recorded 7% of total labor force.

It is worth noting that the Central Agency for Public Mobilization and Statistics (CAPMAS) recently revealed that Egypt’s trade balance deficit fell by 22.3% year on year (YoY) to $3.88 billion in August.

Egypt’s GDP growth rate hits 4.3% in Q2 FY2024/25: Al-Mashat Updated 3/26/2025 12:23:00 PM

Egypt suffers $800M monthly losses in Suez Canal revenues: El-Sisi Updated 3/18/2025 7:33:00 AM

Egypt’s economy likely to grow 4% in FY2024/25: Al-Mashat Updated 3/6/2025 7:38:00 AM

Egypt’s trade deficit hits $4.15B in December Updated 3/4/2025 12:10:00 PM

Egypt to inaugurate Grand Egyptian Museum on July 3rd Updated 2/26/2025 7:39:00 AM