Arab Finance: The European Bank for Reconstruction and Development (EBRD) has downgraded its forecast for Egypt’s real gross domestic product (GDP) growth to 4.5% for 2024, 0.7% down from its previous forecast in May, according to the bank’s Regional Economic Prospects Report of September 2023.

As for growth projection for fiscal year (FY) 2023/2024, Egypt’s GDP is likely to pick up to 4.8%, EBRD added.

The North African country’s growth is estimated to have slowed to 4.1% in FY 2022/2023, as per the report.

The report showed that Egypt’s natural gas production is estimated to have fallen by 9.3% year on year (YoY) in the first half of 2023, recording a three-year low.

“Foreign exchange reserves stabilized, partly thanks to an IMF-supported program that improved access to finance, but the currency remains under pressure and a significant differential remains between the official and black-market exchange rates,” the report stated.

In its May forecast, EBRD lowered its forecast for Egypt’s GDP growth to 4.8% for FY 2023/2024 to 4.8%, 0.2% down from its February projection.

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