Cairo - Mubasher: Egypt has achieved an economic growth rate of 9.8% during the first quarter (Q1) of fiscal year 2021/2022, compared to 0.7% in the year-ago period, the Egyptian Minister of Planning and Economic Development, Hala El-Saeed, said.
During the Cabinet meeting, El-Saeed has reviewed the preliminary indicators of Egypt's economic performance in the first quarter of the current fiscal year.
The minister added that the annual economic growth rate is expected to record between 5.5% and 5.7% by the end of 2021-2022 as a result of the rebound witnessed across various economic sectors in Q1-21/22.
The restaurants and hotels sector has seen the highest quarterly growth rate by around 181.8%, showing a remarkable recovery from the coronavirus (COVID-19) repercussions.
Meanwhile, Egypt's Suez Canal grows by 20% year-on-year (YoY) in Q1-21/22, driven by higher revenues, number of ships, and tonnage.
The telecommunications, manufacturing, and construction sectors registered a growth rate of 16.3%, about 15.2%, and 10.5%, respectively.
El-Saeed further remarked that the country's inflation rate rose to 8% on an annual basis and 1.6% on a monthly basis during September due to the higher global prices of energy, food commodities, and minerals.
