Egypt’s real annual growth rate reached 3.8% in 2022-2023

Cairo, Egyptian Planning Minister Hala el Saeid said that her country’s real annual growth rate had reached 3.8 percent in 2022-2023.

Reviewing a report by her Ministry on the most important indicators of the Egyptian economy, Saeid said that the Gross Domestic Product reached about 10.2 trillion pounds.

According to the Middle East News Agency (MENA), the report stated that unemployment rates reached 7 percent of the total workforce, which is 30.9 million workers for the formal and informal economies, during the fourth quarter of the fiscal year 2022-2023.

It expected the inflation rate to go down especially with an initiative to reduce prices of commodities now in place. The report still pointed to a slight decline in the inflation rate, which reached 38 percent in September compared with 39.7 percent in August.

The balance of trade (BOT) deficit dropped by 28.1 percent and reached 31.2 billion dollars in 2022-2023, according to the report.

Foreign Direct Investments and the Suez Canal activities amounted to some 10 billion dollars during the last fiscal year, the report said, noting that this is a 12.8-percent rise on the year before.

Source: Bahrain News Agency