{"id":582909,"date":"2023-03-15T00:00:00","date_gmt":"2023-03-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/growth-slows-in-2q-2022-2023\/"},"modified":"2023-03-15T00:00:00","modified_gmt":"2023-03-15T00:00:00","slug":"growth-slows-in-2q-2022-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/growth-slows-in-2q-2022-2023\/","title":{"rendered":"Growth slows in 2Q 2022-2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\">Egypt\u2019s economy<\/span><span style=\"font-weight:700\"> grew 3.9% y-o-y in 2Q FY 2022-2023<\/span><span style=\"\">, <\/span><span style=\"\">according to preliminary data from <\/span><span>the Planning Ministry. Growth in the three months from October-December 2022 remained strong despite ongoing global economic challenges and geopolitical uncertainty, Planning Minister Hala El Said said <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02yKhXWFqbbsf6oXTHTrfyye3Mn3kqM9nETm9sPG9kvM4gFyaHgY3zaNJpWcjkPLBcl\" style=\"\">yesterday<\/a><\/span><span> in a meeting with Prime Minister Moustafa Madbouly. <\/span><span style=\"\">The economy <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/02\/17\/9-economic-growth-hedging-wheat-and-privatization-get-air-time-in-pms-presser-65216\/\" style=\"\">expanded at a 8.3% clip<\/a><\/span><span style=\"font-weight:400;\"> in the same period last year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The economy grew an estimated 4.2% in 1H FY 2022-2023. <\/span><span style=\"\">GDP growth in the second<\/span><span> quarter <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/29\/economy-grew-4-4-y-o-y-in-the-first-quarter-of-2022-despite-global-headwinds-89429\/\" style=\"\">slowed from a 4.4% y-o-y pace<\/a><\/span><span style=\"font-weight:400;\"> in the first quarter of the current fiscal year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A downwards revision for the full-year forecast: <\/span><span style=\"\">The Planning Ministry is now expecting <\/span><span>growth to come in at a 4.2% clip in the current fiscal year, down from a November estimate of 5.0%. That tallies with the Finance Ministry\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/02\/govt-to-miss-deficit-debt-targets-on-higher-rates-import-bill-98366\/\" style=\"\">most recent estimate<\/a><\/span><span> of 4.0-5.0%. The IMF, the European Bank for Reconstruction and Development, a recent Reuters poll, the World Bank, and Fitch ratings are <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/21\/ebrd-predicts-slower-gdp-growth-in-2023-97501\/\" style=\"\">all predicting growth<\/a><\/span><span style=\"font-weight:400;\"> in the range of 4.0-4.8% this fiscal year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- FinMin is expecting headwinds to take a toll on the budget.<\/span><span style=\"\"> The <\/span><span>Finance Ministry in March said it expects to miss earlier targets to reduce the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/02\/govt-to-miss-deficit-debt-targets-on-higher-rates-import-bill-98366\/\" style=\"\">budget deficit and debt-to-GDP ratio<\/a><\/span><span style=\"font-weight:400;\"> during the current fiscal year as the impact of the EGP devaluation and rising borrowing costs squeeze public finances. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Hold for the details of next year\u2019s budget: <\/span><span style=\"\">FinMin will send the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/am-edition\/\" style=\"\">draft budget for FY<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/am-edition\/\" style=\"\">2023-2024<\/a><\/span><span> to the House of Representatives for discussion during the week of 26 March.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The economy expanded at a 8.3% clip in the same period last year<\/p>\n","protected":false},"author":1,"featured_media":582910,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582909","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","wpautop","entry"],"acf":{"mongo_id":"bb26b1a5-144e-4ec2-a59e-bf71fb710dc8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Cairo-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s economic growth slows in second quarter","related_issue":[582900],"teaser":"The economy expanded at a 8.3% clip in the same period last year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.1cccc1f5-baba-47b1-9fa9-0a92c81505f5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &quot;Economy&quot;","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":582909,"position":1},"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 &quot;Economy&quot;","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":555712,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/24\/govt-upgrades-2021-2022-growth-forecast\/","url_meta":{"origin":582909,"position":2},"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. The projection marks an upwards revision of a previous prediction for 5.4% growth.The state is slightly more optimistic on\u2026","rel":"","context":"In &quot;Economy&quot;","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":609402,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry\/","url_meta":{"origin":582909,"position":3},"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 &quot;Economy&quot;","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":547776,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/egyptian-economy-grew-by-6-2-in-2021-2022-planning-minister\/","url_meta":{"origin":582909,"position":4},"title":"Egyptian economy grew by 6.2% in 2021-2022 -planning minister","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"Economic growth accelerates in FY2021-2022: The Egyptian economy grew at a 6.2% clip in FY2021-2022, up from 3.3% the previous year, Planning Minister Hala El Said told CNBC Arabia yesterday.This meets recent government forecasts\u2026: The government had upped its growth forecast for the fiscal year to 6.2% in May on\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544942,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/","url_meta":{"origin":582909,"position":5},"title":"Gov\u2019t downgrades FY 2021-2022 GDP forecast","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"Surprise: The economy won\u2019t grow as much as expected this year due to Russia\u2019s war in Ukraine: The government has lowered its growth outlook for FY 2021-2022 to 5.7% from 6.4% due to the economic impact of the war in Ukraine, Planning Minister Hala El Said told Bloomberg Asharq yesterday\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/684.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582909","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=582909"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582909\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582910"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582909"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582909"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}