The economy reached a growth rate of 9.8% between July and September 2021 year-on-year, which is the highest quarterly growth rate in the past two decades according to a statement by the Minister of Planning and economic development, Hala El-Said, while exports to Africa jumped 32%.
In particular, the restaurant and hotel sector recorded a quarterly growth rate of 181.8%, the Suez Canal 20% and the telecommunications sector 16.3%. This increase is partly explained by the strong base effect of the 1st quarter of 2020-2021 when the economy grew only 0.7% due to the restrictions and global disruption caused by the pandemic. The Government has also revised upwards its growth forecasts for the 2021/22 fiscal year to 5.6% (+0.2 points compared to previous estimates).
Increase in exports to COMEA (Common Market for Eastern and Southern Africa) states
Exports to COMESA member states jumped 32.4% in the first nine months of 2021, reaching $ 2.3 billion, from $ 1.7 billion during the same period in 2020, according to the agency CAPMAS statistics. At the same time, Egypt took over the presidency of COMESA at the annual summit held in the New Administrative Capital on November 23. Founded in 1994, the Common Market for Eastern and Southern Africa is made up of 21 member states with a population of over 583 million people and a combined GDP of $ 805 billion and covering nearly two-thirds of the African continent.
Growth of the Islamic finance sector
Islamic finance banking volume increased to EGP 407 billion in September 2021, up 14.5% from September 2020, according to the Egyptian Association for Islamic Finance. Islamic finance currently represents around 5% of the Egyptian banking market. The volume of Islamic deposits stood at around EGP 335 billion at the end of September 2021, accounting for 7% of the size of the Egyptian banking market.
Source French Embassy in Lebanon