{"id":577604,"date":"2022-11-29T03:54:47","date_gmt":"2022-11-29T03:54:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds\/"},"modified":"2022-11-29T03:54:47","modified_gmt":"2022-11-29T03:54:47","slug":"economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds\/","title":{"rendered":"Economy grew 4.4% y-o-y in the first quarter of 2022 despite global headwinds"},"content":{"rendered":"

<\/a> Egypt\u2019s economy grew 4.4% y-o-y in 1Q FY 2022-2023<\/strong>, 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 Minister Hala El Said said yesterday<\/a> in a meeting with Prime Minister Moustafa Madbouly.<\/p>\n

AND- Gov\u2019t revises growth estimates for the full fiscal year: <\/strong>The Planning Ministry is now expecting our economy to grow by around 5.0% in FY 2022-2023, El Said said in a separate meeting yesterday with President Abdel Fattah El Sisi and Madbouly, according to an Ittihadiya statement<\/a>. The draft budget for this fiscal year had penciled in growth of 5.5%<\/a>.<\/p>\n

The government\u2019s 5.0% estimate<\/strong> is more optimistic than forecasts from some international institutions<\/strong> because it reflects the \u201cresilience\u201d our economy has shown \u201cas a result of the growth and activity generated by public investment,\u201d El Said is quoted as saying. Last quarter\u2019s 4.4% growth is in line with the International Monetary Fund\u2019s most recent estimate<\/a> for Egypt for the full fiscal year, while the World Bank in October predicted our economy to grow 4.8%<\/a> in FY 2022-2023.<\/p>\n

Balancing growth + inflation is key: <\/strong>Madbouly and El Said discussed measures meant to achieve a balance between maintaining high growth and containing inflation. They also discussed how to protect jobs and reduce the country\u2019s external debt burden. Urban inflation hit its highest level<\/a>in four years in October, coming in at 16.2% on the back of surging food prices, while the external debt-to-GDP ratio stands at around 34.6%<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Minister Hala El Said said […]<\/p>\n","protected":false},"author":1,"featured_media":577605,"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":[901,104,72,348,6418,727,678],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-data","tag-economy","tag-enterpriseam","tag-gdp","tag-growth-projections","tag-hala-el-said","tag-planning-ministry","wpautop","entry"],"acf":{"mongo_id":"d75bfe34-54bc-4992-948a-f9c59284b879","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/471.jpg","photo_position":"above","related_issue":[577595],"teaser":"","voice_url":""},"yoast_head":"\nEconomy grew 4.4% y-o-y in the first quarter of 2022 despite global headwinds - 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\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy grew 4.4% y-o-y in the first quarter of 2022 despite global headwinds\" \/>\n<meta property=\"og:description\" content=\"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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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":609402,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry\/","url_meta":{"origin":577604,"position":2},"title":"Economic growth almost halves to 3.8% in 22-23 \u2013Planning Ministry","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"Egypt recorded growth of 3.8% in FY 22-23, with forecasts for FY 2023-24 at 4.2%","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\/2023\/11\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543432,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/govt-ups-2021-2022-growth-forecast-to-6\/","url_meta":{"origin":577604,"position":3},"title":"Gov\u2019t ups 2021-2022 growth forecast to 6%","author":"enterpriseam admin","date":"1 February 2022","format":false,"excerpt":"Gov\u2019t ups growth forecast: The Planning Ministry has upgraded its FY2021-2022 growth forecast for the Egyptian economy to 6% or more, from 5.6%, minister Hala El Said told Bloomberg Asharq yesterday.This would be almost double last year\u2019s growth: The economy grew 3.3% during FY 2020-2021, according to official figures.The forecast\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\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555712,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/govt-upgrades-2021-2022-growth-forecast\/","url_meta":{"origin":577604,"position":4},"title":"Gov\u2019t upgrades 2021-2022 growth forecast","author":"enterpriseam admin","date":"24 November 2021","format":false,"excerpt":"The government is predicting growth of 5.6% in the current 2021-2022 fiscal year, Planning Minister Hala El Said said at EFG Hermes\u2019 Egypt Day conference yesterday, according to a ministry statement. 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