Egyptian Minister of Planning and Economic Development Hala el-Saeed said that growth rates during the third quarter of 2020-2021 went up by 2.9 percent.
During a cabinet meeting on Wednesday, she revealed that over the first nine months of FY20/21, the country’s GDP grew by 1.9 percent, compared to 5.4 percent in the corresponding period a year earlier.
The country is projected to achieve 5.2-5.5 percent economic growth in Q4 of FY20/21, she noted.
According to Saeed, Egypt's balance of trade deficit narrowed by 1 percent to $9.6 billion in the first quarter (Q1) of 2021, compared to $9.7 billion in Q1-20.
The country’s non-oil exports rose by 6 percent to $7.4 billion in the January-March period, compared to $7 billion in the corresponding period in 2020, she added.
Meanwhile, net foreign direct investment (FDI) started to recover, registering $3.4 billion in the first half (H1) of the fiscal year (FY) 2020/2021, compared to $2.5 billion in the prior-year period.
The minister stressed that revenues from the Suez Canal during last year – despite the coronavirus pandemic – proved the efficiency of the several scenarios prepared to face crises.
Saeed pointed out that the Suez Canal achieved in April revenues worth $553.6 million, the highest monthly revenues ever in its history.
The minister said that the total production index rose to 103.48 percent in February, compared to 101.04 percent in January.
The country also continues to achieve high net foreign reserves for the tenth consecutive month, registering $40.3 billion in April.
Meanwhile, the inflation rate declined in April to record 4.4 percent year to year, she said, and 1.2 percent month to month.
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