Egypt’s preliminary GDP grew 5 per cent in January to March compared to 4.8pc in the same period a year earlier, according to a statement by the planning ministry yesterday.
The growth rate in the first quarter of the year exceeded previous expectations that pegged it at 4.6pc due to higher oil prices and disruptions in supply chains because of the Iran war.
Minister of Planning and Economic Development Ahmed Rostom highlighted strong growth across several non-oil sectors during the quarter.
The Suez Canal recorded growth of 23.6pc, while the restaurants and hotels sector expanded by 8.3pc and the construction sector grew by 5.6pc.
He also pointed to the continued gradual recovery in Suez Canal activity, noting that maritime traffic improved steadily, allowing the canal to maintain positive growth for the third consecutive quarter despite regional instability.
He added that non-oil manufacturing activity continued to post positive growth of 2.1pc.
Industrial production, reflected in the manufacturing index, recorded strong performance across several sub-sectors.
Wood products grew by 60pc, motor vehicle manufacturing by 27pc, chemical industries by 10pc, and pharmaceuticals by 8pc, while both paper and food industries expanded by 4pc.
The minister also said the construction sector rebounded strongly during the quarter after contracting in the previous quarter, supported by ongoing infrastructure projects and urban expansion efforts.
He noted increased sales of iron and cement compared to the same period last year.
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