Egypt’s economy has demonstrated recovery by recording a GDP growth rate of 4.77% in the third quarter of the fiscal year 2024/2025 as reported by the Ministry of Planning, Economic Development and International Cooperation on Monday 30 June. This figure marks the highest quarterly growth in three years. The robust performance has lifted the average growth rate for the first nine months of the current fiscal year to 4.2 percent, compared to just 2.4 percent during the same period last year. Key sectors driving this growth include non-oil manufacturing, tourism, and telecommunications. The non-oil manufacturing sector saw a growth rate of 16 percent, marking a notable turnaround from previous contractions. This sector’s recovery is attributed to increased demand both domestically and internationally, particularly in industries like motor vehicles and ready-made garments, which experienced remarkable gains. Tourism, another vital component of Egypt’s economy, surged by 23 percent, welcoming four million visitors during the quarter. The telecommunications sector also contributed significantly to the economic upturn, with a growth rate of 14.7 percent. The ready-made garments industry stood out with a growth rate exceeding 23 percent, benefiting from rising international demand. Private investmentContinue reading "Egypt’s Economy Sees Strong GDP Growth in Q3 Amid Global Challenges"
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