Finance Minister Mohamed Maait on Saturday 15/10/2022 hailed financial performance during the first quarter of the 2022-2023 fiscal year as “encouraging”, despite the continuation of global inflationary pressures, which increased with the outbreak of war in Europe in the wake of the coronavirus pandemic, as a result of the imbalance of supply and demand that was reflected in the severe disruption of supply chains.
This came during two separate meetings with officials of Moody’s and S&P Global Ratings on the sidelines of the minister’s participation in the meetings of the International Monetary Fund and the World Bank in Washington.
Egypt achieved an initial surplus of 0.11% of GDP from July to September 2022, as digitization projects raised tax revenues within 3 months by about 20% compared to the same period last fiscal year, Maait said.
Suez Canal revenues set a new record in July 2022, amounting to $704 million, with an increase of 31% over July 2021, he added.
The Egyptian economy achieved a good performance during the exceptional year 2021-2022, as the sectors of tourism, industry, oil, natural gas and information technology improved despite the severity of the current challenges facing the global economy, the minister said.
The unemployment rate remained stable at 7.2% during the fourth quarter of the last fiscal year, while external accounts showed a flexible performance, he added.
Source: State Information Service Egypt