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Egypt has achieved real growth of 3.9 per cent in the first half of the current fiscal year, signalling positive resilience of the economy, Prime Minister Mostafa Madbouly revealed.
In media statements following a meeting with the deputy managing director of the International Monetary Fund Nigel Clarke, Madbouly noted that private sector investment rose by 80pc, while foreign direct investment increased by approximately 17pc during the period from July to December.
He also clarified that Egypt’s fiscal year runs from July 1 to June 30 of the following year.
The figures align with global credit rating agency Moody’s decision in February to affirm the North African country’s Caa1 long-term foreign and local currency ratings with a positive outlook, citing improved debt service prospects, stronger foreign exchange reserves and lower borrowing costs following the Egyptian pound’s devaluation and flotation.
According to the newly released statement, Madbouly said: “The Egyptian economy has proven its resilience and ability to absorb the very significant external shocks that Egypt, like other countries around the world, has been exposed to in the recent period.”
He added: “This was confirmed by the IMF’s certification that Egypt is proceeding at a steady pace on the path of economic reform.”
The prime minister further noted that non-oil exports also witnessed a growth of approximately 33pc during the first nine months of the year.
He highlighted that these indicators have supported strong growth in key productive sectors, such as industry, communications and information technology, tourism, and others, helping to boost investor confidence in the Egyptian economy.
“Furthermore, we have witnessed a decline in unemployment rates to less than 7pc, which is the lowest rate witnessed in Egypt today throughout history,” Madbouly said.
He also explained that inflation rates and indicators in Egypt have declined significantly, noting that last month saw inflation rates fall to 13.9pc, compared to more than 37pc during the same period last year.
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