Egypt GDP Q4 2019


Egypt: Economic growth remains robust in October–December 2019

May 11, 2020

The economy expanded 5.6% year-on-year in the second quarter of FY 2020 (October–December 2019), which was unchanged from the growth rate of the first quarter.

Private consumption growth accelerated to 2.7% in October–December (July–September: +1.0% year-on-year), seemingly supported by lower inflation and cuts to the overnight deposit rate by the Central Bank, and despite an uptick in the unemployment rate to 8.0% from 7.8%. Meanwhile, government consumption expanded 6.8% in October–December, up from 4.0% in July–September. Less positively, total investment growth slowed to 10.4% in the three-month period ending December, down from 22.2% in the three-month period ending in September, despite interest rate cuts.

On the external front, exports of goods and services decreased 14.1% in October–December, after falling 9.7% in July–September, while imports fell 14.0%, after dropping 11.3% in July–September.

Going forward, forecasts from both the government and FocusEconomics Consensus Forecast panelists point to a clear economic deterioration from January 2020, most notably from March, when Egyptian authorities began imposing containment measures to reduce the spread of coronavirus, which included the suspension of flights and the temporary closure of most businesses. However, fiscal and monetary policy stimulus should moderate the downturn.

FocusEconomics Consensus Forecast panelists project the economy to expand 2.4% in FY 2020 and 4.5% in FY 2021.

Author:, Economist

Sample Report

Looking for forecasts related to GDP in Egypt? Download a sample report now.


Egypt GDP Chart

Egypt GDP Q1  20 20

Note: Year-on-year changes of GDP in %.
Source: Central Bank of Egypt (CBE) and FocusEconomics Consensus Forecast.

Egypt Economic News

  • Egypt: Central Bank leaves rates unchanged at June meeting

    June 25, 2020

    At its scheduled monetary policy meeting on 25 June, the Central Bank of Egypt (CBE) left the overnight deposit, overnight lending, and main operation rates unchanged at 9.25%, 10.25% and 9.75%, respectively, as expected by most market analysts. The decision to keep rates unchanged in June came despite inflation slowing to 4.7% in May, which was down from 5.9% in April, the lowest reading in six months and further clear of the CBE’s Q4 CY 2020 target range of 6.0% to 12.0%.

    Read more

  • Egypt: Inflation slows in May, falling further below Central Bank target range

    June 10, 2020

    Consumer prices were broadly unchanged in May compared to the previous month, after increasing 1.3% in April.

    Read more

  • Egypt: Egypt PMI rebounds in May but remains in contraction territory

    June 3, 2020

    Egypt’s Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, rebounded to 40.7 in May from 29.7 in April, which had marked the lowest reading since the current survey began in April 2011 and reflected the effects of Egypt’s first full month with new social distancing measures in place aimed at reducing the spread of coronavirus.

    Read more

  • Egypt: Economic growth slows in January–March

    May 30, 2020

    The economy expanded 5.0% year-on-year in the third quarter of FY 2020 (January–March 2020), according to estimates announced by the Ministry of Planning and Development on 30 May.

    Read more

  • Egypt: Central Bank leaves rates unchanged at May meeting

    May 14, 2020

    At its scheduled monetary policy meeting 14 May, the Central Bank of Egypt (CBE) left the overnight deposit, overnight lending, and main operation rates unchanged at 9.25%, 10.25% and 9.75%, respectively.

    Read more

More news

Search form