Egyptian economy grows by 3.5% in July-September 2024

CAIRO – 31 December 2024: Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat indicated Tuesday in a press statement that "economic reform policies and notable improvement in certain sectors drove growth" in the first quarter of the current fiscal year 2024-2025, with a recorded rate of 3.5%.

The breakdown by sector is below:

·        Customs clearance facilitation for goods, products, and production requirements contributed to a 7.1% growth in the non-petroleum manufacturing sector.

·         The industrial production index, excluding crude oil and petroleum products, achieved a positive growth rate of 6% on average.

·         Exports increased by 3.9%, reaching $10.46 billion, with pharmaceutical exports growing by 26.5%.

·         The transportation and storage sector grew by 15.6% due to improvements in transportation infrastructure, a rise in the number of users, and increased service efficiency.

·         Increased investments by telecommunications companies, along with the rise in the number of fixed-line and mobile phone users, have sustained positive growth in the telecommunications and information technology sector, which saw a growth rate of 12.2%.

·         The tourism sector continued to grow by 8.2%, driven by an increase in the number of tourist nights.

·         The construction and building sector grew by 5.3%, while wholesale and retail trade saw a growth of 4.6%.

·         Ongoing geopolitical tensions have led to a decline in the Suez Canal revenues, with activity decreasing by 68.4%.

·         Despite the slowdown in growth, expectations remain for increased activity in the extraction sector, driven by the government's efforts to settle dues to foreign partners and expand exploration projects.