Egypt’s economy grows 6.6% in FY21/22 – Maait

Egypt’s economy grows 6.6% in FY21/22 – Maait

Cairo – Egypt's Minister of Finance, Mohamed Maait, said Egypt’s economy has doubled three times during the six past years at rates surpassing the government’s debt rates.

During the previous fiscal year (FY) ended 30 June 2022, the most populous Arab nation recorded a growth rate of 6.60% of the gross domestic product (GDP), the highest since 2008, compared to an international average growth rate of 3.20% for emerging economies, according to a recent press release.

During FY21/22, Egypt’s budget deficit decreased to 6.10% of GDP, compared to 13% in FY12/13. For the fifth year in a row, an initial surplus of EGP 100 billion was registered, representing 1.30% of GDP.

At the same time, budget revenues grew by 19.60%, expenses rose by 14.80% annually, whilst tax revenues increased by 18.70% in FY21/22.

Additionally, remittances paid by workers living abroad hit a new record at $32.20 billion and Suez Canal recorded its highest-ever revenue of $7 billion during FY21/22.

Meanwhile, spending on education and health jumped by 23% and 21%, respectively, exceeding the annual growth rate of budget expenses.

In June 2022, Egypt's unemployment rate retreated to 7.2%, with 826,000 job opportunities provided. Furthermore, the debt‑to‑GDP ratio reached 87.2% last June, compared to 103% in June