Egypt GDP

Egypt

Egypt: GDP picks up to multi-year high at start of FY 2015

January 16, 2015

According to official data, GDP increased 6.8% in the July–September period (the first quarter of fiscal year 2015) over the same period of the previous year. This marked an acceleration over the 3.6% increase tallied in the fourth quarter of fiscal year 2014 and marked the strongest expansion in over six years. The strong result suggests that the economy is making significant progress amid reduced political instability.

The acceleration in Q1 of fiscal year 2015 was driven mainly by a rebound in export growth. Exports swung to a 15.0% expansion in Q1 after having contracted in the previous four quarters. On the domestic side, government consumption expanded 8.8%, which followed the 5.1% expansion in Q4. Private consumption growth slowed to 4.9% in Q1 (Q4: 7.0% year-on-year). Investment growth slowed but remained in double-digits at 14.4% (Q4: 19.6% 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 Q314 0

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


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