{"id":590561,"date":"2023-07-24T00:00:00","date_gmt":"2023-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/the-economy-grew-4-2-in-fy-2022-23-preliminary-figures-show\/"},"modified":"2023-07-24T00:00:00","modified_gmt":"2023-07-24T00:00:00","slug":"the-economy-grew-4-2-in-fy-2022-23-preliminary-figures-show","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/the-economy-grew-4-2-in-fy-2022-23-preliminary-figures-show\/","title":{"rendered":"The economy grew 4.2% in FY 2022-23, preliminary figures show"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We just got a first look at how the economy performed last year:<\/strong> The Egyptian economy grew at a 4.2% clip in FY 2022-23, according to <a href=\"https:\/\/web.facebook.com\/EgyptianCabinet\/posts\/pfbid029m1uK7W4TtHdPmx5kBSVB4UvS4wGwUrg8EhWkbEAXeWU1W2Rf4ubBHA1xE4xRquGl\" style=\"\">preliminary figures<\/a> revealed by Finance Minister Mohamed Maait last week. This is down from 6.6% growth the year before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where next?<\/strong> Economic output will remain flat during the current fiscal year, according to a <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-growth-forecast-cut-currency-seen-slipping-further-2023-07-20\/\" style=\"\">Reuters poll<\/a> of economists which projects 4.2% growth in FY 2023-24. The figure is a 0.3 percentage point downward revision from the last Reuters poll <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff0b866e-7720-4a72-aa27-267d8faab995\" style=\"\">i<\/a> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff0b866e-7720-4a72-aa27-267d8faab995\" style=\"\">n April<\/a>, in which economists penciled 4.5% GDP growth in FY 2023-24, but is slightly higher than the 4.1% growth <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9607ec71-47a7-4ad2-83f8-0928a0925dd4\" style=\"\">the government forecasted<\/a> in its economic and social development plan for the fiscal year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> The poll sees growth picking up steam to reach 4.8% in FY 2024-25. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More predictions from the poll:<\/strong><\/p>\n<ul>\n<li><strong>EGP to fall further:<\/strong> The EGP will weaken to 36.95 \/ USD 1 by the end of 2024, and settle at EGP 38.90 \/ USD 1 in 2025. Participants in the poll had previously projected a 35.00 rate by the end of 2024 and 35.07 by the end of 2025. <\/li>\n<li><strong>A slower slowdown for inflation:<\/strong> Headline inflation will average at 22.0% in FY 2023-24, before cooling further to 13% next fiscal year. The previous poll in April had inflation averaging 20.9% this year and 9.3% in FY 2024-25. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Growth is expected to remain at 4.2% this year, according to a Reuters poll<\/p>\n","protected":false},"author":1,"featured_media":590562,"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":[104,72,2234,348,182],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-gdp","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"8443a23b-9f35-4e06-82a4-a70e991b5196","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/865.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian economy grew 4.2% in FY 2022-23, preliminary figures show","related_issue":[590552],"teaser":"Growth is expected to remain at 4.2% this year, according to a Reuters poll","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.4eb8347d-5ed7-4212-8125-7d8ec9aaea74.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The economy grew 3.3% in FY 2020-2021,\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\/2021\/10\/238.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582909,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/growth-slows-in-2q-2022-2023\/","url_meta":{"origin":590561,"position":1},"title":"Growth slows in 2Q 2022-2023","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"The economy expanded at a 8.3% clip in the same period last year","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\/3\/Cairo-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579158,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/economy-to-grow-4-8-this-fiscal-year-reuters-poll\/","url_meta":{"origin":590561,"position":2},"title":"Economy to grow 4.8% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"The economy could grow more than the gov\u2019t thinks this fiscal year: The economy will grow at a 4.8% clip in FY 2022-2023, according to a Reuters poll of economists. That\u2019s down from 6.6% last year, but above government forecasts. The Madbouly government is currently predicting GDP growth to come\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\/2023\/1\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585774,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/30\/economy-set-to-grow-4-0-this-fiscal-year-reuters\/","url_meta":{"origin":590561,"position":3},"title":"Economy set to grow 4.0% this fiscal year -Reuters","author":"enterpriseam admin","date":"30 April 2023","format":false,"excerpt":"Growth is set to pick up again in the next two years","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\/4\/953.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":590561,"position":4},"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 &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\/2\/3.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":590561,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590561","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=590561"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590561\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590562"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590561"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590561"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}