{"id":555750,"date":"2021-11-25T04:00:57","date_gmt":"2021-11-25T04:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/egypt-economy-grows-at-fastest-pace-in-2-decades-in-1q\/"},"modified":"2021-11-25T04:00:57","modified_gmt":"2021-11-25T04:00:57","slug":"egypt-economy-grows-at-fastest-pace-in-2-decades-in-1q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/egypt-economy-grows-at-fastest-pace-in-2-decades-in-1q\/","title":{"rendered":"Egypt economy grows at fastest pace in 2 decades in 1Q"},"content":{"rendered":"

<\/a> Egypt\u2019s economy grew at its quickest pace in two decades in 1Q 2021-2022<\/strong>, as it continued to rebound from last year\u2019s slump in activity caused by the covid-19 pandemic. GDP expanded at an annual 9.8% clip during the July-September period, boosted by a continued recovery in the country\u2019s hospitality sector and improved manufacturing activity, according to figures announced yesterday<\/a> by Planning Minister Hala El Said during yesterday\u2019s cabinet meeting.<\/p>\n

This is the second consecutive quarter of strong economic growth<\/strong> after GDP clocked in at 7.2% in the final quarter of the previous fiscal year.<\/p>\n

Something to consider:<\/strong> The figures have been magnified by a strong base effect from 1Q 2020-2021, when the economy grew just 0.7%<\/a> having contracted slightly the quarter before due to lockdown restrictions and global disruption caused by the pandemic.<\/p>\n

We also have an incomplete data set to work with<\/strong> due to the cabinet only highlighting growth rates in several sectors in its statement. We\u2019ll have to wait for the full sectoral breakdown from the Planning Ministry before we have the better picture of how the economy performed during the quarter.<\/p>\n

From what we know: The hospitality sector continued to shine<\/strong>, expanding 182% during the three-month period. After contracting every quarter since the onset of covid, the sector saw a boom in activity in 4Q 2020-2021, increasing fivefold<\/sup> to account for almost 60% of output during the quarter. The sector contracted 66.5% during 1Q 2020-2021 as the shutdown of international travel and lockdown restrictions at home continued to bite.<\/p>\n

Activity in manufacturing \u2014 Egypt\u2019s largest economic sector \u2014 picked up steam during <\/strong>the quarter<\/strong>, accelerating to 15.2% growth from 10.5% in 4Q 2020-2021<\/sup>. El Said attributed the growth to improved output in the paper, pharma, beverages and clothing industries. Output in the telecom sector, one of the areas of the economy that maintained growth levels during the instability last year, remained steady, coming in at 16.3%, up slightly from 16% the previous quarter and 15% from a year ago<\/sup>.<\/p>\n

Public infrastructure projects are fuelling growth in the construction industry:<\/strong> Output in the sector rose to 10.5%, up from 8.3% in 4Q 2020-2021 and up almost 8 percentage points from the same quarter last year, largely thanks to the New Urban Communities Authority\u2019s increased investments in new cities, the statement said.<\/p>\n

And Suez Canal revenues are also on the rise:<\/strong> Revenues from transit through the vital shipping lane were up 20% y-o-y for the quarter. The same time last year, disruption to global trade caused Suez revenues to contract 11.3%.<\/p>\n

The <\/strong>Egyptian economy is seeing a U-shaped recovery <\/strong>\u2014 where the economy takes its time following an economic drop but eventually rebounds \u2014 IMF Executive Director Mahmoud Mohieldin told Masaa DMC (watch, runtime: 16:05<\/a>) last night, unlike the US and some European economies, which are seeing a swifter V-shaped recovery.<\/p>\n

Growth is expected to hit between 5.5% and 5.7%<\/strong> by the end of the current fiscal year in June 2022, El Said said. She pegged annual growth for FY2021-2022 at 5.6%on Tuesday<\/a>, an upgrade from a previous 5.4% forecast and slightly more optimistic than current projections from the IMF<\/a>, EBRD<\/a>, World Bank,<\/a> and the latest poll from Reuters<\/a>, which range from 4.9-5.2.%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s economy grew at its quickest pace in two decades in 1Q 2021-2022, as it continued to rebound from last year\u2019s slump in activity caused by the covid-19 pandemic. GDP expanded at an annual 9.8% clip during the July-September period, boosted by a continued recovery in the country\u2019s hospitality sector and improved manufacturing activity, according […]<\/p>\n","protected":false},"author":1,"featured_media":555751,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,348,727,678,7103,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-gdp","tag-hala-el-said","tag-planning-ministry","tag-suez-canal","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"ac19890f-00ac-42c9-97b8-ecfccc2d8e99","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/595.jpg","photo_position":"above","related_issue":[555746],"teaser":"","voice_url":""},"yoast_head":"\nEgypt economy grows at fastest pace in 2 decades in 1Q - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/egypt-economy-grows-at-fastest-pace-in-2-decades-in-1q\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt economy grows at fastest pace in 2 decades in 1Q\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s economy grew at its quickest pace in two decades in 1Q 2021-2022, as it continued to rebound from last year\u2019s slump in activity caused by the covid-19 pandemic. 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The forecast for the second quarter of the state\u2019s fiscal year is slightly lower than the 9.8% growth recorded in 1Q2021-2022, El Said noted, but we\u2019re still on\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577604,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds\/","url_meta":{"origin":555750,"position":2},"title":"Economy grew 4.4% y-o-y in the first quarter of 2022 despite global headwinds","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"Egypt\u2019s economy grew 4.4% y-o-y in 1Q FY 2022-2023, according to preliminary data from the Planning Ministry. GDP growth in the first quarter of the state\u2019s current fiscal year (which starts in July) came despite continued global headwinds thanks to the pandemic, the war in Ukraine, and climate change, Planning\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/471.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548924,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egyptian-economy-grew-6-6-in-fy-2021-2022-says-planning-minister\/","url_meta":{"origin":555750,"position":3},"title":"Egyptian economy grew 6.6% in FY 2021-2022, says planning minister","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"The Egyptian economy grew at a 6.6% clip in FY 2021-2022, up from 3.3% the previous year, according to initial figures announced by Planning Minister Hala El Said during a cabinet meeting on Thursday. The state\u2019s fiscal year runs 1 July-30 June.The economy grew faster last year than gov\u2019t was\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/410.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621449,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/08\/preliminary-govt-figures-show-egypts-gdp-growth-at-5-3-in-1q18-19\/","url_meta":{"origin":555750,"position":4},"title":"Preliminary gov\u2019t figures show Egypt\u2019s GDP growth at 5.3% in 1Q18-19","author":"enterpriseam admin","date":"8 November 2018","format":false,"excerpt":"Economy grew 5.3% in 1Q18-19, according to preliminary gov\u2019t figures: Egypt\u2019s GDP grew 5.3% y-o-y during the first quarter of FY2018-19, according to preliminary figures made public yesterday by Planning Minister Hala El Said told cabinet. Growth was driven by the gas, ICT, and construction sectors, as well as Suez\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571723,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/21\/egypts-gdp-grows-at-5-clip-in-3q2019-2020\/","url_meta":{"origin":555750,"position":5},"title":"Egypt\u2019s GDP grows at 5% clip in 3Q2019-2020","author":"enterpriseam admin","date":"21 May 2020","format":false,"excerpt":"Egypt\u2019s GDP grew at a 5% clip in the third quarter of 1Q FY2019-2020, which ran from January to March, Planning Minister Hala El Said announced in a cabinet meeting yesterday. GDP had been expected to expand by 5.9% during the first three months of 2020, but fell short due\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555750"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555750\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555746"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555751"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555750"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555750"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}