Egypt’s GDP Grows by 4.3% in Second Quarter of Fiscal Year 20245-25

Egypt’s economy recorded a growth rate of 4.3% during the second quarter of the 2024/2025 fiscal year, according to a statement by the Ministry of Planning, Economic Development, and International Cooperation. The figure marks a recovery from the 2.3% growth recorded during the same quarter last year.

The growth was primarily supported by expansions in non-oil manufacturing, tourism, and the information and communications technology (ICT) sector. Non-oil manufacturing grew by 17.7%, up from an 11.5% contraction the previous year, as private investments and industrial production improved. The tourism sector also registered a boost, growing by 18% in Q2, driven by a rise in tourist arrivals to 4.41 million and an increase in overnight stays to 41.92 million. The ICT sector expanded by 10.4%, continuing its steady contribution to national GDP.

The Ministry noted that private sector investments now account for more than 50% of total investment in the economy, surpassing public investment for the second consecutive quarter. This trend reflects ongoing efforts by the government to increase the role of the private sector and attract both local and foreign capital.

At the same time, some sectors saw a contraction. The Suez Canal sector experienced a decline of 70% in Q2, attributed to disruptions in maritime traffic caused by regional geopolitical tensions. The extraction sector also contracted, with oil extraction falling by 7.6% and gas extraction dropping by 19.6%.