Cairo: The Arab Republic of Egypt's Ministry of Planning, Economic Development and International Cooperation announced that the country's GDP growth rate rose to 4.77% in the third quarter of the 2024-2025 fiscal year, compared to 2.2% in the same quarter of the previous fiscal year. This is the highest quarterly growth rate in three years.
According to Bahrain News Agency, the ministry reported that this performance raised the average growth rate during the first nine months of the current fiscal year to around 4.2%, compared to about 2.4% during the same period last year.
The ministry noted the continued strong performance of the non-oil manufacturing sector, tourism, and the information and communications technology sector. However, some sectors continued to decline, including the Suez Canal and extractive industries.
Regarding expenditure, the ministry said growth was notably supported by net exports, which contributed about 2.7 percentage points to total real GDP growth. This positive contribution was driven by strong growth in goods and services exports, which rose by 54.4%, far exceeding the 18.7% increase in imports.
The ministry explained that private investment at constant prices accelerated by 24.2% year-on-year in the third quarter of the 2024-2025 fiscal year, surpassing public investment for the third consecutive quarter and accounting for around 62.8% of total executed investments (excluding inventories). However, this growth was not enough to offset the sharp decline in public investment, which contracted by 45.6% compared to the same quarter last year at constant prices.
The ministry also pointed out that cyclical indicators confirm continued improvement in Egypt's economic activity during the third quarter, noting that the industrial production index (excluding crude oil and petroleum products) increased by 16.03% during the third quarter of the 2024-2025 fiscal year, after recording a contraction of about 4% in the same period last year.