Egypt’s economic growth rate recorded five percent in the third quarter (3Q) of the current fiscal year (FY) 2019/2020, which came lower than projected. Egypt was expected to record 5.9 percent due to the COVID-19 outbreak.
Egypt's Ministry of Planning and Economic Development issued a report on Thursday analysing Egypt’s economic and social performance during the 3Q of FY 2019/2020, saying that COVID-19 has caused a slowdown in economic activities, including tourism, manufacturing, and whole and retail trade.
The report noted that Egypt’s economic growth rate in the 3Q is the best globally thanks to the economic diversity that helped in attaining positive rates.
Petroleum refining, communications, the Suez Canal and construction were the sectors that maintained their growth with 78 percent, 15 percent, 10 percent, and eight percent respectively, according to the report.