ICT highest sector in achieving growth rates in Q2: Min.

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Thu, 11 Mar 2021 - 02:42 GMT

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Thu, 11 Mar 2021 - 02:42 GMT

Egypt’s Minister of Planning and Economic Development, Dr. Hala El-Said - Press photo

Egypt’s Minister of Planning and Economic Development, Dr. Hala El-Said - Press photo

CAIRO – 11 March 2021: Communications and information technology sector was the most prominent Egyptian sector that was able to achieve good positive growth rates during the second quarter of the current fiscal year 2020-2021, according to Minister of Planning and Economic Development Hala El-Said.

 

El-Said added in a statement, Thursday, that the volume of investments that the state has pumped into the telecommunications sector has deepened its weight, with a growth of 3.5 percent.

 

She added that the sector is growing by 17 percent as a result of the trend towards digitalization in services, education and various businesses, noting that the volume of investments that will be allocated to this sector in the next fiscal year will reach many times what it was previously.

 

The Egyptian economy was able to maintain a positive growth rate during the second quarter of the current fiscal year 2020-2021 “from October to December 2020”, reaching 2 percent, Minister of Planning and Economic Development, Hala El-Said said earlier.

 

El-Said clarified in a statement that the average growth rate of the Egyptian economy during the first half of the current fiscal year amounted to about 1.35 percent from July to December last year, compared to 5.6 percent during the same period of the previous fiscal year.

 

She emphasized that expectations indicate that the growth rate will continue to rise during the third and fourth quarters of the current fiscal year, reaching about 2.8 percent and 5.3 percent, respectively.

 

The minister added that many economic activities achieved positive growth rates during the first half of the current fiscal year, such as the transport and storage sectors, agriculture, health, and education, pointing out tothe decline in contraction in economic activities most affected by the crisis, such as tourism, manufacturing industries and the Suez Canal.

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