The Egyptian economy recorded a growth rate of 3.5% during the first quarter of the fiscal year (FY) 2024/2025, up from 2.7% in the corresponding period of the previous year, as per a statement.

Private investments grew by 30%, reaching EGP 133.1 billion, compared to EGP 102.3 billion in the same quarter of the previous year.

Public investments declined sharply by 60.5%, amounting to EGP 57 billion, down from EGP 144.4 billion.

These figures were revealed during a meeting headed by Prime Minister Mostafa Madbouly, in which the vision for doubling foreign direct investment in line with Egypt Vision 2030 was discussed.

Measures to create a more competitive investment climate, including reducing procedural and financial burdens on investors, were reviewed.

During the meeting, Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat outlined the contributions of key sectors to GDP growth.

Communications and IT grew by 12.2%, transportation and storage by 15.6%, and tourism by 8.2%.

The industrial production index (excluding petroleum refining) showed 6% growth, reversing a 7.7% contraction in the same period last year.

Al-Mashat said this growth is due to the reform policies adopted by the government to restore macroeconomic stability and enhance governance of public investments, as well as to the noticeable improvement in some key economic activities, especially the manufacturing industry, despite the continued decline in Suez Canal activity against the backdrop of geopolitical tensions in the region.

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