The fund revealed that Egypt recorded a real GDP of 3.8% in FY2023/2024, 1.1% higher than the IMF's earlier projection of 2.7% in July.
In a recent press conference following the weekly government meeting, Al-Mashat presented key economic performance indicators for the last quarter and the fiscal year 2023/2024. The conference was led by Prime Minister Mostafa Madbouly.
The bank estimates that Egypt’s economic growth will see an uptick in FY2025/2026, reaching 3.5%, according to their semi-annual MENA Economic Update - Growth in the Middle East and North Africa - highlighting ongoing economic challenges
In August’s reading, Egypt’s PMI rose to 50.4 into growth territory, breaking an almost 3-year streak in which it remained under 50.0 – which signals deterioration in economic conditions – since November 2020.
In its recently released Regional Economic Prospects report, the European Bank for Reconstruction and Development (EBRD) updated its forecast for Egypt’s economic growth, highlighting a cautious recovery