Arab Finance: Egypt’s gross domestic product (GDP) growth rate recorded 4.3% in the second quarter (Q2) of fiscal year (FY) 2024/2025, up from the 2.3% registered in Q2 of FY2023/2024, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat announced.

Al-Mashat attributed this growth to continued structural reforms aimed at maintaining macroeconomic stability. This is in addition to the governance of public investment that boosts resilience and backs shifting from a non-tradable to a tradable economy amid global uncertainties

She also highlighted that the private sector contributed to the GDP growth, with private investment rising by 35.4% in Q2, making up over 50% of total investments.

Non-oil manufacturing sector registered positive growth for the third consecutive quarter, hitting 17.70%. This recovery was backed by streamlined customs clearance for raw materials and industrial inputs, which expanded industrial production.

As for the Suez Canal sector, the operations continued to decline during Q2 of FY2024/25, contracting by 70% due to ongoing geopolitical tensions in the region.

The current political conditions negatively impacted navigation through the canal, causing a drop in the number of transiting ships.

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