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Egypt's GDP growth slows to 2.4% for 2023/24 year, says planning ministry

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Egypt's GDP growth slows to 2.4% for 2023/24 year, says planning ministry

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Photo by Reuters

3rd October 2024

By: Reuters

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Egypt’s GDP growth rate was 2.4% in the fourth quarter of the 2023/24 year, bringing the annual growth rate to 2.4%, down from 3.8% a year earlier, the planning ministry said on Thursday.

The planning ministry attributed the slow down to ongoing geopolitical tensions and global economic uncertainty, coupled with the government’s contractionary policies.

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The policies were aimed at restoring macroeconomic stability with strengthening the governance of public investments being a key policy, the ministry said.

Egypt has promised the International Monetary Fund (IMF) it will roll back the state's involvement in the economy and allow private companies a much greater role, a requirement for its $8-billion IMF loan.

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"Amid ongoing geopolitical tensions and global economic uncertainty, key sectors of the Egyptian economy have been impacted, leading to a decline in economic activity," the ministry said in a statement.

"This has been particularly evident in the Suez Canal activity, which experienced a sharp decline of 68% during Q4 of the fiscal year," the ministry added.

Suez Canal revenue declined to $6.6-billion in 2023/24 from $8.8-billion the previous year, the central bank said on Tuesday, a victim of attacks on Red Sea shipping by Yemen's Houthis who say they are acting in solidarity with Palestinians in Gaza.

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