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Egypt’s economic growth falls to 5% due to COVID-19

Egypt’s economic growth falls to 5% due to COVID-19

ArabFinance: The economic growth rate in Egypt plunged to 5% during Quarter three (Q3) of fiscal year (FY) 2019/2020, impacted by the outbreak of COVID-19, the Minister of Planning Hala el Said announced.

Prior to the pandemic crisis, the government expected a growth rate of 5.9% in the quarter ended on March 31st.

El Said noted that the quarter's growth rate was dragged down by several impacted sectors such as tourism, wholesale and retail, and industry.

The tourism sector’s contribution to the gross domestic product (GDP) fell to 2.7% in Q3 of FY 2019/2020, compared to 3% in the same quarter of FY 2018/2019.

The industrial segment also posted a decrease to 12.2% from 12.8%.

However, the telecommunications sector’s contribution to the GDP rose to 2.7% in Q3 of FY 2019/2020 from 2.5% in the prior-year period.

In April, the planning minister noted that the government amended its target economic growth for FY 2020/2021 to 3.5% from 4.5%.

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