{"id":663081,"date":"2025-03-27T00:00:00","date_gmt":"2025-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/27\/gdp-growth-picks-up-to-4-3-in-2q-fy-2024-25\/"},"modified":"2025-03-27T00:00:00","modified_gmt":"2025-03-27T00:00:00","slug":"gdp-growth-picks-up-to-4-3-in-2q-fy-2024-25","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/27\/gdp-growth-picks-up-to-4-3-in-2q-fy-2024-25\/","title":{"rendered":"GDP growth picks up to 4.3% in 2Q FY 2024-25"},"content":{"rendered":"

G<\/strong>row<\/strong>th almost doubled y-o-y in 2Q FY 2024-25<\/strong>, coming in at 4.3% for the three-month period, up from 2.3% during the same period last year<\/a>, according to a statement<\/a> from the Planning and International Cooperation Ministry. The figures mark an uptick from the slowdown seen in 2Q FY 2023-2024, which saw growth decline sharply from the 3.9% recorded a year earlier on the back of global economic headwinds and domestic challenges.<\/p>\n

Driving the growth: <\/strong>The ministry attributes the recovery to a combination of \u201ccontinued structural reforms aimed at maintaining macroeconomic stability, coupled with stringent governance of public investment that strengthen resilience and support shifting from a non-tradable to a tradable economy.\u201d<\/p>\n

Non-oil manufacturing continued to record positive growth for the third consecutive <\/strong>quar<\/strong>ter<\/strong>, this time reaching 17.7%, compared to a contraction of 11.6% during the same quarter in the previous year. This was aided by an increase in private sector investments, higher merchandise exports, and a \u201crebound in real domestic credit to the private sector\u201d \u2014 the rebound was particularly felt in the industrial sector. This, coupled with streamlined customs clearance<\/a> for raw materials and production inputs led to increased industrial production, with the quarter seeing significant growth in key industries including motor vehicles (73.4%), ready-made garments (61.4%), beverages (58.9%), and textiles (35.3%).<\/p>\n

The non-oil sector contributed 1.9 percentage points of the overall 4.3% growth achieved <\/strong>duri<\/strong>ng the quarter.<\/strong><\/p>\n

Growth was felt across the board: <\/strong>Tourism (18%), ICT (10.4%), financial intermediation (11.6%), transportation and storage (9.4%), construction (4.8%), social services including healthcare and education (4.6%), ins. (4.6%), and electricity activities (3.9%) all posted positive growth levels throughout the quarter.<\/p>\n

Suez Canal revenues fell 70% during the quarter <\/strong>due to a continued decline in the number of transiting vessels as geopolitical tension persists.<\/p>\n

The energy sector also continued to contract during the quarter<\/strong>, with the extraction activity recording a 9.2% decline due to a slowdown in oil and natural gas production \u2014 oil production saw a 7.5% decrease during the quarter while natural gas production was down 19.6%. <\/p>\n

Things should turn around soon <\/strong>as \u201cinvestment in new discoveries and field development is expected to gain traction in the coming period.\u201d The repayment of overdue arrears could have something to do with that \u2014 the Madbouly government paid some USD 1 bn in overdue arrears<\/a> last month and made a similar payment in early January, building on a similar payout made in November, according to previous reports. The government has since agreed on a repayment schedule with international oil companies, with payments rolling out through June 2025.<\/p>\n

Private spending once again exceeded public investment:<\/strong> Private investments rose by 35.4% y-o-y in 2Q FY 24-25 surpassing 50% of total investments, while public sector investments contracted by 25.7% during the quarter \u2014 accounting for less than 40% of total investments in Egypt during the period. This shift \u201chighlights notable changes in Egypt\u2019s investment landscape,\u201d the ministry noted.<\/p>\n

In the long(er) term: <\/strong>The Planning Ministry is projecting<\/a> GDP growth of 4.0% for FY 2024-25, supported by private sector reforms and gradual economic recovery. \u201cPrivate investments are expected to play a key role in sustaining this momentum, fostering a conducive environment for long-term growth,\u201d the ministry said.<\/p>\n

This is higher than others\u2019 forecasts:<\/strong> The IMF sees<\/a> the economy growing at a 3.6% clip during the current fiscal year. The World Bank is a tad less optimistic, having slashed this fiscal year\u2019s growth forecast by 0.7 percentage points to 3.5%.<\/p>\n

The story also caught the attention of the international press:<\/strong> Reuters<\/a> | Bloomberg<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

The figures mark a recovery from the slowdown seen in 2Q FY 2023-24<\/p>\n","protected":false},"author":1,"featured_media":663082,"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":[104,93,72,348,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-energy","tag-enterpriseam","tag-gdp","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"83c4a900-1230-4d6e-a2bc-c280d9762b66","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/29.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s GDP grows 4.3% in 2Q FY 2024-25, despite continued decline in energy production, Suez Canal revenues","related_issue":[663076],"teaser":"The figures mark a recovery from the slowdown seen in 2Q FY 2023-24","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.4fa630fb-1e32-4eed-b899-a863d6c111e5.mp3"},"yoast_head":"\nGDP growth picks up to 4.3% in 2Q FY 2024-25 - 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\/2025\/03\/27\/gdp-growth-picks-up-to-4-3-in-2q-fy-2024-25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GDP growth picks up to 4.3% in 2Q FY 2024-25\" \/>\n<meta property=\"og:description\" content=\"The figures mark a recovery from the slowdown seen in 2Q FY 2023-24\" \/>\n<meta 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"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":[]},{"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":663081,"position":2},"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":663049,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/26\/gdp-growth-comes-in-at-4-3-in-2q-fy-2024-2025\/","url_meta":{"origin":663081,"position":3},"title":"GDP growth comes in at 4.3% in 2Q FY 2024-2025","author":"enterpriseam admin","date":"26 March 2025","format":false,"excerpt":"Good afternoon, friends, and welcome to the almost-weekend. The news cycle is still heating up as we wind down before Eid. In today\u2019s issue you\u2019ll find all you need to know about our accelerating GDP growth, the White House\u2019s latest piling national security blunders, as well as an explanation of\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588171,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/world-bank-cuts-egypt-growth-outlook\/","url_meta":{"origin":663081,"position":4},"title":"World Bank cuts Egypt growth outlook","author":"enterpriseam admin","date":"7 June 2023","format":false,"excerpt":"The lender expects the economy to remain flat at 4.0% next year before rising to 4.7% in 24-25","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\/6\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584683,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/external-debt-hits-record-high-in-2q-fy-2022-2023\/","url_meta":{"origin":663081,"position":5},"title":"External debt hits record high in 2Q FY 2022-2023","author":"enterpriseam admin","date":"4 April 2023","format":false,"excerpt":"External borrowing hit USD 162.9 bn by the end of December","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\/4\/118.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\/663081","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=663081"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663081\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/663076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/663082"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=663081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=663081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=663081"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=663081"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=663081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}