{"id":556997,"date":"2021-09-02T04:02:46","date_gmt":"2021-09-02T04:02:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/we-smashed-growth-expectations-in-4q2020-2021\/"},"modified":"2021-09-02T04:02:46","modified_gmt":"2021-09-02T04:02:46","slug":"we-smashed-growth-expectations-in-4q2020-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/we-smashed-growth-expectations-in-4q2020-2021\/","title":{"rendered":"We smashed growth expectations in 4Q2020-2021"},"content":{"rendered":"

<\/a> Egypt\u2019s economy grew at a 7.7% clip in 4Q2020-2021, accelerating from a <\/strong>contraction of <\/strong>1.7% during the final quarter of the previous fiscal year<\/strong> \u2014 and up from the<\/a>2.9% growth recorded<\/a> in 3Q2020-2021 quarter, Planning Minister Hala El Said said during a Cabinet meeting<\/a> yesterday. Reuters<\/a> also has the story.<\/p>\n

The figure significantly exceeds the government\u2019s quarterly target:<\/strong> The Planning Ministry had penciled in a 5.2-5.5% growth rate for the quarter, which wrapped up on 31 June. Growth in the sectors most affected by covid-19 \u2014 including hospitality, restaurants, construction, natural gas, and electricity \u2014 drove the rebound, the minister said.<\/p>\n

Preliminary indicators put our growth for the 2020-2021 (the state\u2019s last fiscal year)<\/strong> at <\/strong>3.3%<\/strong>, a drop from the 3.6% recorded<\/a> in FY2019-2020 and the 5.6% growth recorded in FY2018-2019, thanks to the covid-19 induced economic slowdown.<\/p>\n

But q-o-q growth is looking strong: <\/strong>Egypt has seen steady gains in its quarterly growth figures, from 0.7% in 1Q2020-2021, to 2% and 2.9% in the second and third quarters respectively, the minister said.<\/p>\n

Growth during the first half of the fiscal year clocked in at 1.35%<\/strong>, a significant y-o-y drop from the pre-covid 5.6% growth rate recorded in 1H2019-2020, the minister previously said<\/a>. Logistics, agriculture, education and healthcare led the rebound throughout the fiscal year, and are expected to continue to do so further into FY2021-2022.<\/p>\n

The outlook for the state\u2019s current fiscal year looks pretty good: <\/strong>The Finance Ministry expects the Egyptian economy will return to near pre-pandemic growth levels in FY2021-2022, expanding at a 5.4% clip<\/a>. Revised forecasts from the IMF<\/a> put growth for the current 2021-2022 fiscal year at 5.7%, just slightly lower than the 5.8% pre-covid target the government was hoping to achieve in FY2019-2020<\/a>. TheAfrican Development Bank<\/a> sang a similarly upbeat tune, expecting GDP growth of 4.9% in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s economy grew at a 7.7% clip in 4Q2020-2021, accelerating from a contraction of 1.7% during the final quarter of the previous fiscal year \u2014 and up from the2.9% growth recorded in 3Q2020-2021 quarter, Planning Minister Hala El Said said during a Cabinet meeting yesterday. Reuters also has the story. The figure significantly exceeds the […]<\/p>\n","protected":false},"author":1,"featured_media":556998,"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":[107,104,72,727],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-covid-19","tag-economy","tag-enterpriseam","tag-hala-el-said","wpautop","entry"],"acf":{"mongo_id":"9a2b3d4b-5d29-4b9d-a2b8-649de82dd868","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/23.jpg","photo_position":"above","related_issue":[556993],"teaser":"","voice_url":""},"yoast_head":"\nWe smashed growth expectations in 4Q2020-2021 - 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\/09\/02\/we-smashed-growth-expectations-in-4q2020-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We smashed growth expectations in 4Q2020-2021\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s economy grew at a 7.7% clip in 4Q2020-2021, accelerating from a contraction of 1.7% during the final quarter of the previous fiscal year \u2014 and up from the2.9% growth recorded in 3Q2020-2021 quarter, Planning Minister Hala El Said said during a Cabinet meeting yesterday. Reuters also has the story. 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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":566196,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/are-we-there-yet\/","url_meta":{"origin":556997,"position":2},"title":"Are we there yet?","author":"enterpriseam admin","date":"2 June 2021","format":false,"excerpt":"Egypt is expected to (almost) match its pre-pandemic growth level in this final quarter of the state\u2019s current fiscal year. The economy is penciled in to grow 5.2-5.5% this quarter, which wraps up on 31 June, according to figures Planning and Economic Development Minister Hala El Said presented at today\u2019s\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555750,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/egypt-economy-grows-at-fastest-pace-in-2-decades-in-1q\/","url_meta":{"origin":556997,"position":3},"title":"Egypt economy grows at fastest pace in 2 decades in 1Q","author":"enterpriseam admin","date":"25 November 2021","format":false,"excerpt":"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\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\/11\/595.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":556997,"position":4},"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":563651,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/egypts-external-debt-jumps-in-3q-2020-2021\/","url_meta":{"origin":556997,"position":5},"title":"Egypt\u2019s external debt jumps in 3Q 2020-2021","author":"enterpriseam admin","date":"12 July 2021","format":false,"excerpt":"Egypt\u2019s external debt jumped by 21% in 3Q2020-2021 to USD 134.8 bn, compared to USD 111.3 bn in the same period in the previous fiscal year, according to central bank figures released yesterday. 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