Cityscape in Egypt

Egypt Inflation October 2023

Egypt: GDP growth improves in Q2

GDP growth ticked up to 5.2% year on year in the second quarter, from 5.0% in the first quarter.

Private consumption growth accelerated to 5.2% year-on-year in Q2 compared to a 4.5% expansion in Q1. Government consumption picked up to a 10.6% increase in Q2 (Q1: +3.4% yoy). Fixed investment growth sped up to 4.6% in Q2, from the 2.1% increase logged in the prior quarter.

Exports of goods and services contracted 2.7% in Q2, marking the worst reading since Q4 2020 (Q1: +12.2% yoy). In addition, imports of goods and services deteriorated, contracting 3.1% in Q2 (Q1: +3.8% yoy), marking the worst performance in over two years.

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