Egypt’s economy gained 6.2pct in 2021-22 fiscal year

Newspaper Title: https://menafn.com/

Newspaper Number:

Thursday - 7 July 2022

Egypt’s economy gained 6.2 percent in the 2021-2022 fiscal year that closed on June 30, according to the nation's Minister of Planning and Economic Development, Hala El Said.

The number reflects tougher-than-anticipated financial action in the first nine months of the fiscal year, partially counterweighing the consequences of the Russia-Ukraine conflict in the last 3 months.

In line with Egyptian Cabinet data, the nation’s economy raised around 8 percent from July 2021 up until March 2022, growing 9.8 percent in the opening 3 months, 8.3 percent in the second quarter as well as 5.4 percent in the third quarter.

A feebler presentation in the fourth quarter was estimated “given the privation of the war, monetary tightening and devaluation”, Mohamed Abou Basha, chief of macroeconomic expert at EFG Hermes Research, voiced to The National.

Russia’s attack on Ukraine at the end of February has put weight on Egypt's food security as the world’s biggest wheat importer.

Heavy rely on food imports and increasing world commodity costs have motivated inflation to double-digit yearly rates.