CAIRO – 16 January 2024: The Egyptian economy experienced a slowdown in growth during the first quarter (Q1) of the current fiscal year 2023/2024, with a growth rate of 2.65 percent. This figure represents a decline from the 4.4 percent growth recorded in the previous fiscal year 2022/2023, according to data released by the Ministry of Planning and Economic Development.
The latest data reveals a slowdown compared to the 2.9 percent growth witnessed in the fourth quarter of the fiscal year 2022/2023.
In line with these findings, the World Bank has revised its GDP growth forecast for Egypt. In its Global Economic Prospects report for January 2024, the World Bank predicts a slower growth rate of 3.5 percent in the fiscal year 2023/2024, down from its previous projection of 4 percent. However, the World Bank expects a slight recovery with a projected GDP growth rate of 3.9 percent in the subsequent fiscal year 2024/2025.
In December 2023, the country's annual inflation rate dropped to 35.2 percent. The Central Agency for Public Mobilization and Statistics (CAPMAS) attributed this decline to an increase in food and beverage prices, as highlighted in its latest report. Despite the drop in inflation, everyday costs for Egyptian citizens have continued to rise, posing additional challenges to their economic well-being.
This marks the third consecutive month in which the annual inflation rate has displayed a contraction.
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