Egypt’s economy seen a growth by 2 percent in the second quarter (Q2) of fiscal year 2020/2021, the Minister of Planning and Economic Development, Hala El-Saeed, revealed.
For the first half (H1) of FY20/21, the country recorded a gross domestic product (GDP) growth rate of 1.35 percent , compared to 5.6 percent in the year-ago period, El-Saeed added in a statement on Wednesday.
She expects GDP to continue expanding at 2.8 percent and 5.3 percent in the third and fourth quarters, respectively.
Over the July-December period of 2020, many sectors witnessed activity growth such as the transport, storage, agriculture, health, and education sectors, while other sectors shrank due to the economic repercussions of the pandemic such as tourism and manufacturing sectors and Suez Canal.
With the gradual lifting of the restrictions related to the coronavirus (COVID-19) crisis, unemployment rate fell to 7.2% in the October-December period, compared to 7.3% in the July-September period.
The minister also expects urban inflation rate to fall within the single-digit range, averaging between 4.8% and 6.6% in FY20/21.
Government investments implemented during the H1 of FY20/21 grew by 28% year-on-year (YoY) to EGP 102 billion, she added.
