Egypt’s economy remained on its growth trajectory, registering a gross domestic product (GDP) growth of 2.9% in the third quarter (Q3) of fiscal year (FY) 2020/2021.
Over the first nine months of FY20/21, the country’s GDP grew by 1.9%, compared to 5.4% in the corresponding period a year earlier, the Minister of Planning and Economic Development, Hala El-Saeed, said in a statement on Wednesday.
The country is projected to achieve 5.2-5.5% economic growth in Q4 of FY20/21, the minister noted.
Despite the repercussions of the coronavirus (COVID-19) pandemic, several sectors maintained its growth trajectory such as the communications, construction, transport, storage, agricultural, health, and education sectors.
However, tourism and manufacturing sectors as well as revenues from Suez Canal were negatively affected by the pandemic.
The communications sector’s contribution to the GDP rose to 3.2% from 2.8%, posting a positive growth of 16.2%.
The sectors of wholesale and retail trade, industry, agriculture, and real estate represented 51.9% of the GDP.
