Egypt's Economic Surge: A Mixed Picture

Egypt's GDP growth has increased to 4.3% in the second quarter of 2024/25, compared to 2.3% the previous year. Key sectors like non-oil manufacturing and tourism fueled this growth, despite contractions in the Suez Canal activity and extraction sectors. Public investments made up less than 40% of total investments.

Egypt's economic growth shows notable improvement, with the GDP growth rate rising to 4.3% in the second quarter of 2024/25, a significant increase from the previous year's 2.3%, according to data from the planning ministry released Wednesday.

Several sectors played a crucial role in driving this growth. Non-oil manufacturing activities surged by 17.74%, while tourism activities saw an 18% increase. Despite this, public investments accounted for less than 40% of total investments. The fiscal year commenced on July 1, offering a glimpse of promising changes in investment patterns.

Conversely, some sectors witnessed downturns. The Suez Canal's activity dropped by 70%, while extraction activities declined by 9.2%, significantly impacted by a 7.6% drop in oil and a 19.6% fall in gas extraction activities.

(With inputs from agencies.)