Egypt Economy Grows 5.3% in 1st Half of Fiscal Year, Kouchouk Says

Egypt’s economy grew 5.3% in the first half of the current fiscal year, Finance Minister Ahmed Kouchouk said after meetings with international investors in Washington.

The growth was driven by stronger activity in industry, tourism, information technology and private investment, Kouchouk said during a meeting with Prime Minister Mostafa Madbouly.

Kouchouk's remarks came after his participation in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) , where he held talks with regional counterparts and global investors.

Kouchouk said Egypt’s economy had shown resilience in the face of external shocks, supported by what he described as balanced and proactive policies.

He also noted that tax revenues rose by about 29% in the current fiscal year without new levies, as part of efforts to broaden the tax base and streamline procedures.

Egypt posted a primary surplus of 3.5% of gross domestic product in the July–March period, reflecting improved fiscal performance, he said.

Kouchouk said emerging markets face pressure from rising energy prices and supply chain disruptions, calling for fairer financing conditions to support growth.

He further mentioned that Egypt is working to deepen cooperation with international financial institutions and boost private sector participation to sustain economic expansion.