29 June 2022 03:03 PM

Growth rate up by 7.8 per cent in 1st nine months of FY 2021-22 - minister

Wednesday، 25 May 2022 - 09:11 PM

Minister of Planning and Economic Development Hala el Said said on Wednesday that growth rate increased by 7.8% in the first nine months of the current fiscal year (July 2021 - March 22), compared to 1.9% in the same period of the previous fiscal year.

Growth rate registered during the third quarter of the current fiscal year (from January to March 2022) hit 5.4% with the real growth rate is expected to reach 6.2% by the end of 2021/2022 fiscal year, the minister added during a Cabinet meeting held under Prime Minister Mostafa Madbouli.

The minister reviewed during the meeting the indices of the Egyptian economy’s performance during the third quarter and the first nine months of the FY 2021/2022.

The Russia-Ukraine crisis pushed the International Monetary Fund to revise its projection for global growth rates for 2022 and 2023, she said, referring to a drop in expected growth rates of Latin America and the Caribbean, the US, the euro zone, the Middle East and Central Asia, Merging and Developing Asia, Africa and the sub-Saharan Africa.

Said noted that the IMF projected inflation rate in the Middle East and North Africa region to reach 14% in 2022.

Reviewing the local economy’s performance, the planning minister said that a remarkable improvement was seen in all economic activities during the first nine months of the current FY.

She added that all economic activities have achieved positive growth rate in the third quarter of the FY.

Meanwhile, the unemployment rate registered during the third quarter of the FY 2021/2022 dropped to 7.2% against 7.4% recorded in the same period of the year before, she said.

The minister pointed out that inflation rate rose to 14.9% in April, 2022, from 8% recorded in January, 2022, on an annual basis.

Foreign currency reserves declined to $37.1 billion during this period, she said, affirming that these reserves are sufficient to cover about six months of commodity imports.

Trade deficit rose by 13% in the firs half of the current fiscal year, she said, adding that non-petroleum imports were up by 28.1% and non-petroleum exports were also up by 37.6% during the same period.

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