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Egypt’s Economic Growth Hits 4.2% in FY2022/23

by Benoy Mazumdar
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Egypt’s real gross domestic product (GDP) reached 4.2% in the elapsed fiscal year (FY) 2022/2023, Finance Minister Mohamed Maait announced on July 19th.

Revenues achieved an annual growth of about 12.5% year on year (YoY), while tax revenue climbed by 23.1% on an annual basis.

Maait added that public expenditures grew by 16.7% YoY.

Egypt has recorded a primary surplus of EGP 164.3 billion, equivalent to 1.7% of GDP, as per the initial indicators of the financial performance for FY 2022/2023.

The total deficit stood at 6.2%, compared to 6.1% in FY 2021/2022, the minister pointed out.

Subsidies for food commodities rose to EPG 129.7 billion, and treasury-financed investments increased by about 15%, reaching EGP 228 billion.

The Finance Minister said that the preliminary financial performance of the last financial year is reassuring, despite the challenging situation of the global economy.

On July 14th, Maait confirmed that these figures showed that the government’s financial targets had been achieved.

Source : Zawya

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