Egypt records growth rate of about 2.9% during Q3 of 20/21

CAIRO – 2 June 2021: Egypt recorded growth rate of about 2.9 percent during the third quarter of the 2020/2021, according to Minister of Planning Hala el-Said.

El-Said clarified that the average growth rate during the first nine months of the fiscal year hit about 1.9 percent, compared to about 5.4 percent in the nine months of 2019/2020.

The minister reviewed a report on the performance of the Egyptian economy, which confirmed the continuation of the Egyptian economy to achieve positive and increasing growth rates during the third quarter of this year 2020/2021.

The minister pointed out that expectations indicate that the growth rate will continue to rise during the fourth quarter of this year, ranging from 5.2 percent to 5.5 percent.

This came during today's cabinet meeting headed by Mostafa Madbouly.

The minister explained that many economic activities maintained positive growth rates during the first half of this year despite the coronavirus crisis, especially communications, construction and building, in addition to the sectors related to transportation, storage, agriculture, health and education, and the downturn in economic activities most affected by the Corona crisis, such as tourism, and manufacturing industries and the Suez Canal.

With regard to the contribution of economic activities to the GDP during the first nine months of 2020/2021, the minister explained that the contribution of the telecommunications sector increased during this period from 2.8 percent to 3.2 percent, with the sector maintaining a positive and high growth rate of about 16.2 percent, pointing out that the wholesale and retail trade, industry, agriculture and real estate activities represented about 51.9 percent of the GDP.