News

Egyptian Economy to Grow 4% in Fiscal Year: Reuters Poll

Egyptian Economy to Grow 4% in Fiscal Year: Reuters Poll

Khan El Khalili market.
Photo credit: Mohamed Khairat

A Reuters poll aligned with government projections for the current fiscal year — ending June — predicted Egypt’s GDP growth to reach four percent. The poll, which surveyed 13 economists, was conducted between 6 and 26 April and published on Thursday, 27 April.

The Egyptian government had already made the same projection in a letter of intent sent to the IMF last January. Egypt had gone to the fund in December to request a 46-month, USD 3 billion (EGP 74 billion at the time, currently 92.5 billion) loan as it grapples with an economic crisis due to structural issues and exacerbated by the war in Ukraine.

The median result of the poll – what the economist at the middle of the spectrum, in this case the seventh, predicted – pegged GDP growth for the next fiscal year (starting July 2023) at 4.5 percent, and five percent in the following year. This diverges from the government’s targets of five percent and six percent, respectively.

The IMF, on its part, has recently downgraded its projections of Egypt’s GDP growth to 3.7 percent in 2023 and five percent in 2024.

The poll also predicted annual urban consumer price inflation to average 24 percent this fiscal year with 20.9 percent next year and a drop to 9.3 percent in the 2024/25 fiscal year.

Fighting Erupts in Sudan Despite Ceasefire’s Extension
More Than 2,000 Egyptians Evacuated From Sudan

Subscribe to our newsletter


News

More in News

Egypt Becomes First Ever Arab Champion in Padel Tennis

Egyptian Streets3 October 2023

At Least 38 Injured in Ismailia Security Directorate Fire

Marina Makary2 October 2023

Madbouly: Egypt Spent EGP 9.4 Trillion on ‘Life-Improving’ Projects Since 2014

Egyptian Streets30 September 2023

Outrage as France Bans Athletes Wearing Headscarves at the 2024 Paris Summer Olympics

Egyptian Streets29 September 2023

Egyptian-German Team Unearths Storage Chambers in Pyramid of King Sahure

Muhammed Kotb29 September 2023

Cairo University Employee Shot Dead at the Hands of her Former Partner

Egyptian Streets28 September 2023

Egypt Inaugurates New Village Development Project for Bedouins in South Sinai

Egyptian Streets26 September 2023

Egypt’s Presidential Elections will be Held in December 2023

Farah Rafik25 September 2023