Egypt’s trade deficit drops 28.1% in FY 2022/23
Updated 11/6/2023 10:59:00 AM
Arab Finance: Egypt’s trade balance deficit fell by 28.1% to $31.2 billion in fiscal year (FY) 2022/2023, according to a report by the Ministry of Planning and Economic Development on the Egyptian economy’s indicators.
The state’s tourism revenues amounted to $13.6 billion at the end of FY 2022/2023, recording an annual growth rate of 27%.
Meanwhile, the country's gross domestic product (GDP) reached EGP 10.2 trillion, up from a target of EGP 9.2 trillion for the FY.
Minister of Planning Hala Elsaid previously announced that Egypt achieved economic growth of 3.8% during the elapsed FY 2022/2023, down from a previous forecast of 4%.
As for the telecom sector, the country’s digital exports hit $4.9 billion in the past fiscal year, and investments into fintech startups rose by 22%.
In FY 2022/2023, the Suez Canal recorded the highest annual revenues in its history, amounting to $9.4 billion.
In the fourth quarter (Q4) of FY 2022/2023, the unemployment rate in Egypt recorded 7% of total labor force.
It is worth noting that the Central Agency for Public Mobilization and Statistics (CAPMAS) recently revealed that Egypt’s trade balance deficit fell by 22.3% year on year (YoY) to $3.88 billion in August.
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