Egyptian Economy Posts Strongest Growth Since 2022
TLDR
- Egypt’s economy grew 4.3% year-on-year in the fourth quarter of 2024, its fastest pace since Q3 2022
- The acceleration was supported by increased foreign inflows and a pivot toward boosting domestic production and exports
- The growth comes after Egypt faced years of pressure from rising inflation, a currency crisis, and declining foreign reserves
Egypt’s economy grew 4.3% year-on-year in the fourth quarter of 2024, its fastest pace since Q3 2022, according to the Ministry of Planning, Economic Development and International Cooperation. The figure marks a sharp rebound from the 2.3% growth recorded in the same quarter a year earlier.
The acceleration was supported by increased foreign inflows and a pivot toward boosting domestic production and exports. The government said recent economic reforms and support from international partners played a key role in stabilizing macroeconomic conditions and unlocking investment.
The growth comes after Egypt faced years of pressure from rising inflation, a currency crisis, and declining foreign reserves. Although challenges remain, authorities are now targeting improved growth momentum heading into 2025.
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Key Takeaways
Egypt’s recovery follows a series of moves to restore investor confidence. In 2024, the country secured a multibillion-dollar package of support from Gulf allies, the IMF, and the EU, easing pressure on reserves and the currency. The central bank also moved toward a more flexible exchange rate regime, attracting new capital and improving access to hard currency. Industries such as manufacturing and exports gained traction as the government emphasized import substitution and local value chains. Egypt also approved major energy, logistics, and infrastructure investments, aiming to boost employment and reduce the trade deficit. While inflation remains elevated and debt levels are high, the fourth quarter growth rate signals renewed momentum. The government targets 5% GDP growth for FY2025. Sustained improvement will depend on continued reform execution, political stability, and global commodity trends.
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