Egypt’s economy expected to grow over 4%, unemployment rate drops to 7%


CAIRO: Egypt’s economy is expected to grow 4.2 percent in the current fiscal year ending in June, the country’s cabinet said on Tuesday, much less than previously forecast.

The gross domestic product grew by 3.9 percent in October to December in 2022, the second quarter of the fiscal year, while the unemployment rate fell to 7.2 percent, the statement said.

Economic growth slowed from 4.4 percent in July to September, while the unemployment rate slipped from 7.4 percent in that quarter.

Egypt’s fiscal year begins in July and ends in June.