Egypt GDP

Egypt

Egypt: GDP decelerates in Q2 of FY 2015

March 31, 2015

According to official data, GDP increased 4.3% in the October–December period (the second quarter of fiscal year 2015) over the same period of the previous year. This marked a deceleration from the 6.8% increase tallied in the first quarter of FY 2015 but was still the second strongest expansion in three years. The result suggests that the economic rebound that gained traction after the return of relative political stability may be losing steam.

The deceleration in Q2 was mainly driven by a slowdown in export growth. Exports increased just 3.1% in Q2 after having expanded 15.0% in Q1. On the domestic side, government consumption expanded 5.0%, which followed the 8.8% expansion in Q1. Private consumption growth slowed to 4.5% in Q2 (Q1: 4.9% year-on-year).

FocusEconomics Consensus Forecast panelists expect the economy to expand 3.7% in fiscal year 2015, which is up 0.2 percentage points from last month’s forecast. For fiscal year 2016, the panel sees economic growth at 4.2%.


Author:, Economist

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Egypt GDP Q414

Note: Year-on-year changes of GDP in %.
Source: Ministry of Finance (MoF) and FocusEconomics Consensus Forecast.


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