Back to the complete issue
Sunday, 6 September 2020

Egyptian economy grows at 3.5% clip in FY2019-2020

Egypt’s economy grew 3.5% in FY2019-2020, falling short of the 3.8% preliminary figure announced in July, Planning Minister Hala El Said said during Thursday’s weekly cabinet meeting. The figure is also in line with government forecasts in June, but was far from the 5.8% pre-covid target. Growth would’ve fallen short of 2% if the government hadn’t intervened to support the economy, El Said added.

Surprise, surprise: The slowdown in growth was concentrated in the final quarter (April-June 2020) as the country’s tourism and manufacturing sectors came under pressure amid the partial lockdown of the economy. Still, many sectors grew in that timeframe, including logistics, real estate, agriculture, healthcare, education, and oil refining, El Said said.

Unemployment on a downward trend? El Said said that the unemployment rate began to drop towards the end of the quarter as the economy began to gradually reopen, but didn’t provide a figure. Figures released last month showed unemployment rising to its highest levels in almost two years in the three months ending June 2020, hitting 9.6% compared to 7.5% a year earlier.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.