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Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, revealed that Egypt’s Gross Domestic Product (GDP) achieved a growth rate of 2.4% in the last quarter of FY 2023/2024, resulting in an annual growth rate of 2.4%.
In a recent press conference following the weekly government meeting, Al-Mashat presented key economic performance indicators for the last quarter and the fiscal year 2023/2024. The conference was led by Prime Minister Mostafa Madbouly.
This marks a decline from the previous year’s growth rate of 3.8%, largely due to ongoing external shocks, geopolitical tensions, and the government’s contractionary policies aimed at restoring macroeconomic stability, primarily through the governance of public investments. The minister reiterated the government’s commitment to implementing effective measures to support macroeconomic stability by stimulating private sector activity and enhancing the governance and efficiency of public investment allocation across economic sectors.
She noted that the Suez Canal activity has been particularly affected by regional geopolitical tensions, recording a contraction of 30% for FY 2023/2024 compared to the previous year, with a staggering 68% decline in the last quarter alone. While the gas sector faced challenges last fiscal year, investments in renewable energy development increased as part of Egypt’s strategy to transition to a more sustainable and resilient energy sector, aiming to attract more private investments.
Al-Mashat highlighted positive growth in the manufacturing sector, which grew by 4.7% in the last quarter—its first positive performance since Q1 of FY 2022/2023—attributed to economic reform measures initiated by the government in March. Several economic activities exhibited strong resilience, including the telecommunications and information technology sector which saw growth of 14.4%.
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The tourism sector, which includes restaurants and hotels, experienced a rise of 9.9%, while wholesale and retail trade grew by 6.1%. The construction and building sector recorded growth of 5.7%, and social services, encompassing health and education, increased by 5.6%. Transport and storage activities rose by 5.4%, and agriculture experienced growth of 3.8%. These developments align with Egypt’s vision for structural economic diversification and the promotion of development across agriculture, industry, IT, and human and social development sectors.
