{"id":609402,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/economic-growth-almost-halves-to-3-8-in-22-23-planning-ministry\/","title":{"rendered":"Economic growth almost halves to 3.8% in 22-23 \u2013Planning Ministry"},"content":{"rendered":"

Economic growth almost halved to 3.8% in FY 2022-23<\/strong> from 6.6% the year prior, according to figures announced by Planning Minister Hala El Said during a cabinet meeting on Thursday<\/a>. That\u2019s a drop from preliminary figures<\/a> in July that had put growth at 4.2%. The state\u2019s fiscal year runs from 1 July to 30 June.<\/p>\n

The why: <\/strong>Our economy had to grapple with the effects of the war in Ukraine on supply chains and the \u201cexacerbation of the external debt crisis in emerging markets and developing countries,\u201d the statement said. The government had initially penciled in 5.7% growth<\/a> for its FY 2022-23 state budget one month before the war in Ukraine broke out. We expect to know more when the government publishes figures for the April-June quarter. <\/p>\n

Gov\u2019t expects a better year this year<\/strong>: <\/strong>Growth is expected to rise to 4.2% in the current fiscal year ending June 2024, El Said said \u2014 that\u2019s a 0.1 percentage point increase from July\u2019s 4.1% forecast. Egypt is looking to gradually accelerate growth over the next two years to reach 6% in FY 2024-25, Finance Minister Mohamed Maait previously said<\/a>.<\/p>\n

S&P and the IMF see slower growth<\/strong>, with S&P Global Ratings penciling in 3.5%<\/a> this fiscal year and the IMF having lowered its forecast for the same period to to 3.6%<\/a> from its previous forecast of 4.1%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt recorded growth of 3.8% in FY 22-23, with forecasts for FY 2023-24 at 4.2%<\/p>\n","protected":false},"author":1,"featured_media":609403,"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":[104,72,348,727,272,678,6337],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-gdp","tag-hala-el-said","tag-imf","tag-planning-ministry","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"0d289316-dd69-4504-a2ae-cfa6bcbf94b7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/135.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt economic growth almost halves to 3.8% in 22-23 \u2013Planning Ministry","related_issue":[609384],"teaser":"Egypt recorded growth of 3.8% in FY 22-23, with forecasts for FY 2023-24 at 4.2%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.5863fd8e-3c85-43b6-bdee-8b6173b50047.mp3"},"yoast_head":"\nEconomic growth almost halves to 3.8% in 22-23 \u2013Planning 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":650246,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/20\/economic-growth-3-8-in-2q16-17-growth-target-5-next-fiscal-year-el-said\/","url_meta":{"origin":609402,"position":1},"title":"Economic growth 3.8% in 2Q16-17, growth target 5% next fiscal year -El Said","author":"enterpriseam admin","date":"20 March 2017","format":false,"excerpt":"Egypt\u2019s economy grew 3.8% in 2Q16-17, Planning Minister Hala El Said said yesterday, according to Reuters. The government will target a GDP growth rate of 5% in FY 2017-18 for the budget being prepared currently, she added, and the target will increase to 6-6.5% by 2020. El Said attributed the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582909,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/growth-slows-in-2q-2022-2023\/","url_meta":{"origin":609402,"position":2},"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 "Economy"","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":590561,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/the-economy-grew-4-2-in-fy-2022-23-preliminary-figures-show\/","url_meta":{"origin":609402,"position":3},"title":"The economy grew 4.2% in FY 2022-23, preliminary figures show","author":"enterpriseam admin","date":"24 July 2023","format":false,"excerpt":"Growth is expected to remain at 4.2% this year, according to a Reuters poll","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\/7\/865.jpg?fit=%2C&ssl=1&resize=350%2C200","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":609402,"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. 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 "Economy"","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":544942,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/","url_meta":{"origin":609402,"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 "Economy"","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\/609402","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=609402"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609402\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609403"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609402"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609402"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}