{"id":566196,"date":"2021-06-02T13:50:34","date_gmt":"2021-06-02T13:50:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/are-we-there-yet\/"},"modified":"2021-06-02T13:50:34","modified_gmt":"2021-06-02T13:50:34","slug":"are-we-there-yet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/are-we-there-yet\/","title":{"rendered":"Are we there yet?"},"content":{"rendered":"

<\/a> Egypt is expected to (almost) match its pre-pandemic growth level in this <\/strong>final quarter of the state\u2019s current fiscal year.<\/strong> 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 cabinet meeting<\/a>. While growth for the full fiscal year is still expected to be muted as the economy expanded only 1.9% during the first nine months, the hopeful forecast for the final quarter puts us on track to lean toward pre-pandemic growth levels in FY2021-2022.<\/p>\n

What\u2019s the outlook like? <\/strong>Forecasts from the IMF<\/a> and the African Development Bank<\/a> put growth for the upcoming 2021-2022 fiscal year and in 2022 at between 5.0% and 5.5%, which is just slightly lower than a 5.8% pre-covid target the government was hoping to achieve in FY2019-2020<\/a>. The government predicted growth of 5.4-6.0% <\/strong>in FY2021-2022 in the draft budget approved in March<\/a>.<\/p>\n

Egypt\u2019s economy grew at a 2.9% clip in 3Q2020-2021, <\/strong>up from 2% in the previous quarter, thanks to a recovery in the tourism sector, El Said said. Other areas that had been hit by the pandemic, including manufacturing and Suez Canal revenues, have also had a better run so far into the year, the minister said. The third quarter of the state\u2019s ongoing fiscal year ran between January and April 2021. Growth in 3Q2020-2021 was more or less in line with government <\/strong>forecasts<\/strong>, which put growth for the quarter at 2.8% earlier this year<\/a>.<\/p>\n

The telecom, construction, logistics, agriculture, healthcare, and education sectors led <\/strong> growth throughout the third quarter of the fiscal year and further into 4Q, El Said said. Growth rates in these sectors accelerated y-o-y after the government eased covid-19 restrictions in July, the minister said late last year<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 cabinet meeting. While growth for […]<\/p>\n","protected":false},"author":1,"featured_media":566197,"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":[10034],"tags":[7097,104,633,727,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-economy","tag-development","tag-economy","tag-enterprisepm","tag-hala-el-said","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"dc06799e-2096-4852-a2f5-98a47b8417d0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/409.jpg","photo_position":"above","related_issue":[566189],"teaser":"","voice_url":""},"yoast_head":"\nAre we there yet? - 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\/06\/02\/are-we-there-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are we there yet?\" \/>\n<meta property=\"og:description\" content=\"Egypt is expected to (almost) match its pre-pandemic growth level in this final quarter of the state\u2019s current fiscal year. 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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":543898,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/govt-again-ups-2021-2022-growth-forecast\/","url_meta":{"origin":566196,"position":2},"title":"Gov\u2019t again ups 2021-2022 growth forecast","author":"enterpriseam admin","date":"23 February 2022","format":false,"excerpt":"Egypt\u2019s economy is expected to grow 6.2-6.5% in FY2021-2022, marking an upwards revision from the previously expected 6%, Planning Minister Hala El Said said yesterday, according to a statement. The economy grew 3.3% during FY2020-2021, according to official figures.The upwards revision comes after 2Q2021-2022 growth exceeded expectations to record 8.3%,\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\/2\/332.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/covid-the-gift-that-keeps-on-giving\/","url_meta":{"origin":566196,"position":3},"title":"Covid: The gift that keeps on giving","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"The global collapse of the tourism trade continued to weigh on economic growth in 1Q2020-2021: Egypt\u2019s economy grew only 0.7% during the first quarter of FY 2020-2021 and probably would have expanded at a 2.7% clip if it weren\u2019t for the tourism sector, which continued to reel from the effects\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":566196,"position":4},"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. 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