{"id":647028,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/gdp-growth-slowed-to-2-4-in-fy-2023-24\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"gdp-growth-slowed-to-2-4-in-fy-2023-24","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/gdp-growth-slowed-to-2-4-in-fy-2023-24\/","title":{"rendered":"GDP growth slowed to 2.4% in FY 2023-24"},"content":{"rendered":"

Growth slo<\/strong>wed 1.4 perc<\/strong>entage points last fiscal year:<\/strong> GDP growth for the fiscal year 2023-2024 came in at 2.4%, according to data<\/a>(pdf)<\/a> from the Planning, Economic Development, and International Cooperation Ministry. The figure represents a 1.4 percentage point drop from the 3.8% growth rate recorded during the previous fiscal year.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Driving the decline:<\/strong> The lower GDP growth rate came as geopolitical tension and volatility in the global economy put pressure on the Egyptian economy, particularly with \u201cthe government\u2019s contractionary policies aimed at restoring macroeconomic stability \u2014 strengthening the governance of public investments being a key policy,\u201d the report read. Suez Canal activity was a particularly important factor, with activity dropping 30% y-o-y in FY 2023-24 <\/p>\n

The extraction sector also experienced a decline of 4.7%<\/strong>, primarily driven by reduced oil and gas production, which the ministry attributed to \u201da decline in foreign investments in new well discoveries, as well as a slowdown in the development and enhancement of existing wells.\u201d However, the gradual clearing arrears to foreign oil and gas players over the past few months has already begun to reverse this trend, it added. <\/p>\n

Things should be shaping up soon: <\/strong>The government is currently in talks<\/a> with foreign partners over a new set of incentives for the oil and gas industry that aim to boost oil and gas production and reduce the growing gap between energy supply and demand.<\/p>\n

The manufacturing sector didn\u2019t fare much better:<\/strong> The sector \u2014 which contributes somewhere around 11.4% to the overall GDP \u2014 contracted by 5.2% during the year, which was attributed to a shortage in raw materials. The industries that experienced the worst declines were metals (42%), tobacco (38%), wood products (31%), paper (18%), chemicals (8%), food products (7%), and pharma (7%).<\/p>\n

These drops were offset by growth in other sectors<\/strong>, including information and communications technology, tourism, wholesale and retail trade, transport and storage, and social services, including education and health.<\/p>\n

On a 4Q basis:<\/strong> The economy grew at a 2.4% clip during the final quarter of the fiscal year driven by a 68% dip in Suez Canal activity. Also to blame: the extraction sector fell by 6.3%, with oil and gas production falling by 4.4% and 15.3%, respectively. Petroleum refining activities fell 8.7%.<\/p>\n

Things have been looking up for some sectors since March:<\/strong> The economic reforms taken during March 2024 \u2014 including a jumbo interest rate hike and the float of the EGP \u2014 led the manufacturing sector to record a positive growth rate of 4.7% for the first time since the first quarter of FY 2022-23, with growth seen in the garment, computing and electronics, textiles and<\/p>\n

beverage sectors in particular. A number of other sectors saw improved growth rates following the government\u2019s decisions, including the construction, CIT, wholesale and retail trade, transport and storage, as well as the financial intermediation sectors.<\/p>\n

What about this year? <\/strong>The government currently sees the economy growing at a 4.0% clip this fiscal year, Planning, Economic Development, and International Cooperation Minister Rania Al Mashat said at a press conference on Thursday.<\/p>\n

\n

WHAT TO EXPECT MOVING FORWARD-<\/p>\n

Gov\u2019t lays out near-term plans for ongoing projects + investment goals:<\/strong> Al Mashat laid out what the ministry has in store for a number of government projects and investment goals in the coming period, as well as laws that the ministry is in the process of finalizing, according to a number of statements shared on the cabinet\u2019s Facebook page (here<\/a>, here<\/a>, here<\/a>, and here<\/a>).<\/p>\n

#1- Unified Plan<\/strong>ning Law nears completion:<\/strong> The government is in the process of completing the executive regulations for the General Unified Planning Law and \u201cactivating it to enhance the use of comprehensive data analysis and direct investments towards priority sectors,\u201d Al Mashat said. The law aims to improve policy coherence and resource allocation based on comprehensive assessments of sector needs and available opportunities \u2014 which, in turn, would direct investments towards the sectors most capable of achieving growth, she continued.<\/p>\n

Remember: <\/strong>President Abdel Fattah El Sisi ratified the law in 2022 shortly after the House gave it its final nod<\/a> in early 2022. At the time, the law was described as a way to dictate how governorate-level economic, social, and urban development plans are financed and implemented. It would also seek to diversify funding for development projects by encouraging more public-private partnerships.<\/p>\n

#2- FDI strategy in t<\/strong>he works:<\/strong> The ministry is also working alongside other ministries to finalize Egypt\u2019s FDI strategy and the World Bank to finalize the Trade and Industry Strategy as part of a wider effort to bring in additional investment and further economic development, Al Mashat said.<\/p>\n

Reuters also had the story.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The figure represents a drop from the 3.8% growth rate recorded during the previous fiscal year<\/p>\n","protected":false},"author":1,"featured_media":647029,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[104,72,348,131,91,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-gdp","tag-manufacturing","tag-oil-and-gas","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"9f7ed194-9bf4-43df-b138-4372b364d873","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/441.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s GDP growth slowed to 2.4% in FY 2023-24, driven by reduced manufacturing activity and Suez Canal revenues","related_issue":[647018],"teaser":"The figure represents a drop from the 3.8% growth rate recorded during the previous fiscal year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3"},"yoast_head":"\nGDP growth slowed to 2.4% in FY 2023-24 - 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The IMF now sees the budget deficit narrowing to\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\/10\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594914,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/11\/egypts-tax-revenues-expected-to-account-for-14-of-gdp-investments-to-spur-gdp-growth-in-fy2019-2020\/","url_meta":{"origin":647028,"position":1},"title":"Egypt\u2019s tax revenues expected to account for 14% of GDP, investments to spur GDP growth in FY2019-2020","author":"enterpriseam admin","date":"11 September 2019","format":false,"excerpt":"FinMin sees tax revenues accounting for 14% of GDP, investments contributing bigger portion of GDP growth in FY2019-2020: The Finance Ministry expects Egypt\u2019s tax revenues in FY2019-2020 to comprise 14% of the country\u2019s GDP, with that figure projected to rise to 14.3% and 14.5% in the next two fiscal years,\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\/2019\/9\/190.png?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":647028,"position":2},"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 "Economy"","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":553981,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/gdp-could-grow-6-7-this-quarter-el-said\/","url_meta":{"origin":647028,"position":3},"title":"GDP could grow 6-7% this quarter -El Said","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to grow at a 6-7% clip in 2Q2021-2022, Planning Minister Hala El Said told Sky News Arabia yesterday. 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":546048,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/","url_meta":{"origin":647028,"position":4},"title":"IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Egypt\u2019s budget deficit is expected to narrow to 6.8% by the end of the current fiscal year, the IMF said in its latest Fiscal Monitor Report (pdf). This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which penciled in a 6.3% deficit. The deficit stood\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\/4\/353.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":647028,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647028","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=647028"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647028\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/647029"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647028"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647028"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}