Egypt's GDP grew to over 410 bln USD

CAIRO, Sept. 3 (Xinhua) -- The Egyptian economy grew by 6.6 percent year-on-year to 7.9 trillion Egyptian pounds (about 410.2 billion U.S. dollars) in the fiscal year 2021-2022, the Egyptian cabinet said Saturday.

The country's gross domestic product (GDP) in the fiscal year from July 1, 2021 to June 30, 2022 increased more than three times from the fiscal year 2013-2014 when the GDP grew by 2.9 percent to 2.2 trillion pounds, the cabinet's media center said in a report.

"The Egyptian economy achieved the highest growth rate in 14 years despite the repercussions of the Ukrainian crisis," it said

Meanwhile, Egypt's unemployment rate was the lowest in more than 30 years, recording 7.4 percent in 2021 and 7.2 percent in the second quarter of 2022, said the report.

It added that the government managed to contain the inflation rate to a record 8.5 percent in the fiscal year 2021-2022, compared to 10.1 percent in the fiscal year 2013-2014.

Export in the July-May period of the fiscal year 2021-2022 also reached 47.1 billion dollars, compared to 25.8 billion dollars same period eight years ago.

"In addition, remittances of Egyptian expatriates recorded 31.9 billion dollars in the fiscal year 2021-2022, which is their highest level ever, compared to 18.5 billion dollars in the fiscal year 2013-2014," it said.

Concerning foreign debt, which currently stands at 157.8 billion dollars, the report quoted the International Monetary Fund as saying that it is still within the safe range.

Egyptian economic expert Walid Gaballah described the growth as "a natural result" of the government's stimulus measures taken along with the start of the economic reform program in late 2016.

"National projects and government investments are the locomotives of development that boosted the economy and pushed it towards further growth," the Egyptian economist told Xinhua.