Fitch solutions said that the consumption sector in Egypt performed relatively well as compared to other markets in the world that were negatively affected by the COVID-19 pandemic.
The Egyptian Prime Minister, Mostafa Madbouly, reviewed a report prepared by the Cabinet’s Information and Decision Support Center (IDSC) on the report issued by Fitch Solutions in August.
The consumption sector, which would normally rebound in two-to-three years, has been resilient amid the pandemic in Egypt and witnessed a strong performance after the crisis.
According to estimates by Fitch Solutions, household consumption spending increased by 15% in 2021 as compared to 2019, with expectations to grow further by 21% in 2022.
The government’s efforts to support the most vulnerable segments in the country as well as its inflation and monetary policies have contributed to driving the growth of household spending.
