Egypt Records Highest Quarterly Growth in 20 Years at 9.8% in 1Q FY22

Egypt recorded the highest quarterly growth in twenty years at 9.8% in 1Q FY22, according to the  Minister of Planning and Economic Development Hala El-Said.

El-Said revealed on Wednesday the initial indicators of the Egyptian economy performance during the first quarter (1Q) of the fiscal year (FY) 2021/22.

The minister said in a cabinet meeting that the initial indicators showed that the Egyptian economy achieved a growth rate of 9.8% during 1Q FY22, which is the highest quarterly growth rate over the past twenty years.

In her speech at the meeting, the minister also said: "This FY confirms the improvement in the performance of our economy and the trend towards recovery from the pandemic.

"Thanks to the latest various economic activities undertaken by the government, Egypt has been able to strengthen its capacity to revive its economy and achieve positive growth rates during 1Q FY22."

In the same context, the minister estimated that the annual growth rate is expected to continue its rise, ranging between 5.5% and 5.7% by the end of FY22, driven by the boom in growth rates in the first quarter.

It's noteworthy to note that the hotels' sector and restaurants achieved the highest quarterly growth rate of about 181.8%, reflecting the remarkable recovery of this sector after the repercussions of the pandemic.

In 2020, Egypt's economy endured the devastating effects of the COVID-19 pandemic and ensuing recession, which led to widespread business closures and layoffs early in the year.