Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

Egypt's real GDP climbs 2.4% by the end of 3Q FY23/24 amid global headwinds

Posted on October 3, 2024 |

Egypt's GDP grew by 2.4% during the first nine months of FY2023/2024 (July 2023 to March 2024), showing resilience despite global challenges.

The growth was supported by financing in key sectors, new financial products, and household deposits as a steady funding source.

GDP growth slowed from 4.1% in the same period last year, mainly due to rising global tensions, high inflation, and higher interest rates.

By the end of FY2023/2024, banking sector assets comprised 116.9% of nominal GDP and 92.3% of total financial system assets.

In March 2024, the Egyptian pound lost over 60% of its value, and the Central Bank raised interest rates by 6%, totaling 19% in hikes since March 2022.

Fiscal policies focus on financial discipline, while monetary policy raises interest rates to curb inflation, with a reserve ratio of 18% and caps on loan installments.

The non-banking financial sector represents 9.8% of nominal GDP and 7.7% of total financial system assets, showing solid growth in FY2023 and early 2024.

Egypt’s capital market grew strongly through early 2024, with improved performance in non-banking financial activities.