Egypt’s GDP expected to hit EGP 17.3T in FY2024/25: Elsaid

Updated 5/27/2024 7:22:00 AM

Arab Finance: Egypt’s gross domestic product (GDP) at current prices is expected to reach EGP 17.3 trillion under the fiscal year (FY) 2024/2025’s economic and social development plan, up from the expected EGP 13.9 trillion in the current FY, Minister of Planning and Economic Development Hala Elsaid stated.

The country is also targeting achieving a real economic growth rate of 4.2% in FY 2024/2025, compared to the expected rate of 2.9% in the current FY, the minister said.

Elsaid pointed out that the sectors of communications, wholesale and retail trade, agriculture, real estate activities, and social services are expected to be the main drivers of economic activity and growth.

She also highlighted that the total targeted investments for the coming FY are estimated at EGP 2.25 trillion, exceeding EGP 2 trillion for the first time, compared to expected investments of EGP 1.65 trillion in the current FY and actual investments worth EGP 1.3 trillion in FY 2022/2023.

Moreover, she revealed that the investment rate is anticipated to increase from 11.9% in FY 2023/2024 to 13% in the coming FY, then to 17% in the last year of the medium-term plan in FY 2025/2026, due to the expected leap in local and foreign private investments.

In addition, the FY 2024/2025 plan is targeting around EGP 1 trillion in public investments, Elsaid noted, adding that nearly EGP 496 billion were allocated for government investments.

Furthermore, she stated that the country allocated EGP 268 billion in public investments, or 27% of the total investments, to the education, health, and social services sectors under the 2024/2025 plan.