Egypt's GDP Growth Slows to 2.4 Percent in FY 2023/24
The statement attributed the decline to successive external shocks, geopolitical tensions, and the austerity policies adopted by the government to restore macroeconomic stability, especially through tighter governance of public investments.
The statement noted that Suez Canal revenues were among the hardest hit by regional geopolitical tensions, suffering a 30 percent decline in the 2023/24 fiscal year compared to the previous fiscal year.
Additionally, oil and natural gas production declined by 4.7 percent due to reduced foreign investments in new well exploration.
However, the slowdown in economic activity was partially offset by increasing growth in sectors such as communications, information technology, tourism, transportation, and other social services, the statement added.
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