Monday 5 of December, 2022
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Egypt's GDP at Its Highest in a Decade

Egypt's economy seems to getting back on the right track.

Staff Writer

Egypt’s Gross Domestic Production (GDP) has just reached it’s highest in 10 years, at 5.3%, stated Planning Minister Hala Al-Saeed on Wednesday. Al-Saeed further commented that this a sign of recovery coming after reforms were introduced into the country as part of a USD 12 billion IMF loan agreement. Moreover, there's been about 12.3% of non-oil exports growing during that period.

Egypt's GDP had previously reached a high point at USD 332.90 billion in 2016. The North African country's current GDP value represents 0.38% of the world economy, according to Trading Economics.

For the first time since 2011, the country’s budget deficit has decreased and is currently under 10 percent explains Egypt’s Deputy Minister of Finance, Mohammed Mait. 

Main image from Al Bawaba