Egypt’s economy volume increased threefold within 6 years: Finance min. – Egypt Today

Egypt’s economy volume increased threefold within 6 years: Finance min. – Egypt Today

CAIRO - 14 September 2022: Egypt's economy volume increased threefold within six years, in a way that reflects the government’s success in directing development funds to real investments, feasible projects, and initiatives that contributed to improving financial performance indicators during the fiscal year ending June 2022, affirmed Finance Minister Mohamed Maait. Egypt recorded the highest growth rate since 2008 at 6.6 percent of gross domestic product (GDP) compared to a global average of 3.2 percent for emerging economies, said the minister in a statement Wednesday. The minister, meanwhile, added that the public budget has achieved a primary surplus for the fifth year in a row at a value of LE 100 billion and 1.3 percent of GDP, while the budget deficit decreased from 13 percent in the 2012/13 fiscal year to 6.1 percent in the previous fiscal year, despite the current global challenges and the severe repercussions they impose on various global economies. The minister affirmed full readiness to overcome all obstacles to stimulate local and foreign investments, including enhancing the Egyptian-Korean partnership to expand Egyptian production and export capabilities and provide more job opportunities. The minister's remarks came during his meeting with South Korean Ambassador to Egypt Hong Jin-wook