Egypt records GDP of 3.3% during 2020/21: Planning Minister

CAIRO – 2 September 2021: Egypt’s recorded a growth domestic product (GDP) of 3.3 percent during fiscal year of 2020/2021 according to the initial results, Minister of Planning Hala El-Said stated Wednesday evening.

This came during the weekly meeting of the Egyptian Cabinet, Wednesday, in which Hala El-Said reviewed the initial indicators of the performance of the Egyptian economy during the last quarter and the 2020-2021 fiscal year, as the GDP growth rate jumped during the last quarter of the last fiscal year to reach about 7.7 percent.

She added that the growth rate is expected to rise to 5.4 percent during the current fiscal year, supported by the expected significant growth in the performance indicators for the first and second quarters.

The minister explained that the achieved results confirm the increasing trend of quarterly growth rates during the fiscal year 2020-2021, which rose from 0.7 percent in the first quarter to 2 percent in the second quarter and then to 2.9 percent in the third quarter, despite the great challenges that the Egyptian economy faced during this period of the year due to the repercussions of the Corona pandemic.

It should be noted that the fiscal year in Egypt begins in July and ends in June of each year.