GDP in Egypt
Egypt - GDP (billions of U.S. Dollars)
GDP growth accelerates markedly in Q4 FY 2021
The economy expanded 7.7% year-on-year in the fourth quarter of FY 2021 (April–June), according to estimates released by the Ministry of Planning and Economic Development. The reading, which matched the Central Bank’s estimate published in its monetary policy statement on 16 September, followed the 2.9% increase logged in the third quarter of the fiscal year. It marked the strongest growth rate since at least Q4 FY 2008, although it was supported by a low base effect.
Domestically, fixed investment returned to growth after contracting for six consecutive quarters, skyrocketing 96.4% in annual terms (Q3: -11.3% yoy). However, private consumption growth eased to 1.4% in the period (Q3: +7.7% yoy), and government spending increased at a softer pace of 2.1% in Q4 following the prior quarter’s 5.7% rise.
Meanwhile, the external sector contributed positively to the overall GDP reading, as exports of goods and services bounced back to a 53.7% expansion in Q4 from the 6.3% decline recorded in the previous quarter. Meanwhile, growth in imports of goods and services accelerated to 32.6% in Q4 from the 6.3% expansion clocked in Q3.
Going forward, the recovery should continue in the new fiscal year, although the pace of growth will likely ease in the coming quarters, partly due to the fading base effect. That said, rapidly increasing daily Covid-19 infection rates, coupled with the still-sluggish vaccine rollout, could see restrictions tightened again and potentially drag on activity.
FocusEconomics Consensus Forecast panelists project the economy to expand 5.0% in FY 2022, which is up 0.1 percentage points from last month’s forecast, and 5.1% in FY 2023.
Egypt - GDP (USD bn) Data
|GDP (USD bn)||333||333||234||251||303|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||13.70||0.0 %||Dec 31|
|Exchange Rate||16.04||0.0 %||Jan 01|
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November 10, 2021
Consumer prices increased 1.50% in October over the previous month, accelerating from September's 1.14% rise.
November 3, 2021
The IHS Markit Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—inched down to a five-month low of 48.7 in October from September’s 48.9.
October 28, 2021
At its monetary policy meeting on 28 October, the Central Bank of Egypt (CBE) opted to leave the overnight deposit, overnight lending and main operation rates unchanged at 8.25%, 9.25% and 8.75%, respectively.
October 20, 2021
The economy expanded 7.7% year-on-year in the fourth quarter of FY 2021 (April–June), according to estimates released by the Ministry of Planning and Economic Development.
October 10, 2021
Consumer prices increased 1.14% over the previous month in September, following August's 0.07% rise.