Egypt's GDP Grows by 2.4%

Data from the Central Bank of Egypt indicates that real GDP growth reached 2.4% in the second quarter of 2024, an increase from approximately 2.2% in the first quarter, said the Union of Arab Chambers.

However, the data also revealed a slowdown in growth for the fiscal year 2023/2024, which is projected to be 2.4%, down from around 3.8% in the fiscal year 2022/2023.

According to the Central Bank of Egypt, the slight increase in growth can be attributed to rising contributions from the non-petroleum manufacturing sector, construction, and trade.

Preliminary indicators for the third quarter of 2024 suggest that real economic activity is gradually recovering and is expected to reach its maximum capacity by the 2025/2026 fiscal year.

Additionally, data shows that the annual rates of general and core inflation stabilized at approximately 26.4% and 25.0%, respectively, in September 2024.