Egypt’s gross domestic product (GDP) increased to EGP 10.2 trillion in the fiscal year (FY) 2022/2023, compared to EGP 5.6 trillion in the year 2018/2019, according to a statement by minister of planning and economic development, Hala El-Said.

She added that the GDP’s target during FY2022\2023 was EGP 9.2 trillion.

The growth of the restaurants and hotels sector reached 28%, the Suez Canal represent 18.4%, and communications and information technology accounted to about 16.3%, El-Said confirmed.

According to the planning minister, there is an anticipation of a decrease In the inflation rate, particularly due to the efforts aimed at lowering commodity prices. These efforts have already started showing a slight decline in the inflation rate since September 2023.

Furthermore, the minister mentioned that the inflation rate for the FY 2022/2023 stood at approximately 24.8%.

El-Said pointed to the rate of investment in GDP, which reached about 13% and was targeted to reach 15.2%.

The planning minister pointed out that the government investments amounted to EGP 289 billion, economic agencies’ investments worth EGP 424 billion, public investments represented 74.5% and private investments represented 25.5%.

She stressed that the Egyptian government set a target for the private investments to exceed 30% in 2024, then 40% in 2025, to reach the target of 60% in 2027.

The minister further elaborated that the government's investments, sourced primarily from the public treasury, totaled EGP 232.1 billion. Additionally, loans contributed EGP 5.6 billion, while self-resources accounted for approximately  EGP 50.4 billion. It is worth noting that government investments from the public treasury constituted 80.3% of the total.

Egypt achieved $13.6 million in tourism revenues compared to the target of $8.3 million, as well as implementing 1,407 export opportunities compared to the 1,285 targeted opportunities, she added.

El Said also discussed the “Haya Karima project”, explaining that EGP 350 billion had been allocated for the first phase of the “Haya Karima” initiative.

In terms of optimizing investment expenditure in the fiscal year 2022/23, El Said highlighted the government's approach of refraining from initiating new projects unless they were deemed absolutely essential.

Instead, the focus was placed on prioritizing the completion of ongoing projects that were already in the advanced stages of development, specifically those that had already reached a completion rate of 70% or higher. These projects were anticipated to be finalized within the fiscal year 2022/2023.