Egypt’s economy expands healthily in annual term
Preliminary estimates reveal that Egypt’s economy expanded healthily in annual terms in the first half (1H) of FY2021/22 (July – December 2021), according to FocusEconomics’ Consensus Forecast for the Middle East & North Africa for April 2022.
The forecast projected Egypt’s total investments to grow by 14.4% in FY2021/22 — up by 0.4 percentage points from last month’s forecast — and 9.3% in FY2022/23. It also projected a GDP growth of 5.4% in FY2021/22, which is unchanged from last month’s forecast. Moreover, it expected a GDP growth rate of 5% in FY2022/23.
Furthermore, it projected inflation to stand at 8.9% in CY2022 — which is up by 1.7 percentage points from last month’s forecast — and 7.7% in CY2023.
“Dynamics likely slowed in 3Q and at the outset of 4Q, as soaring prices for energy and grain resulting from the Russian-Ukrainian war and higher global interest rates hammer output. On 11 March, Egypt — the world’s largest wheat importer — banned exports of related commodities for three months to protect reserves,” the report read.