S&P lowered outlook on Egypt due to external pressures / Egy housing construction declined by 36.6% in FY21/22 / Egy GDP grow to record 4% in FY23/24
A total of 246,100 residential units were built in Egypt during FY2021/2022, a 36.65% decline over the previous year, according to the Central Agency for Public Mobilization and Statistics' (CAPMAS) Bulletin of Housing.
International banking group, BNP Paribas, announced lowered expectations for Egypt’s GDP growth for FY2023 at 4%, compared to the previous fiscal year of 6.6%, pointing towards an uncertain outlook against accelerating inflationary pressures.
Egypt's construction industry is expected to grow by 6.8% year-on-year in 2023, with an average annual growth rate of 7.4% predicted between 2024 and 2027, according to a report by Fitch Solutions.
Egyptian Minister of Finance Mohamed Maait that external pressures on the country’s economy are behind the recent lowering of Standard & Poor’s (S&P) economic outlook for Egypt from stable to negative.
Egypt has released goods amounting to $15 billion in the first quarter (Q1) of 2023. Last January, Mostafa Madbouly, Egypt’s Prime Minister, stated that the crisis of accumulating goods in the ports ended.
Minister of Finance Maait said that the application for the tax-free car import initiative for Egyptians working abroad will close after 26 days, adding that there is no intention to further extend the operation.
Maait also announced the release of 800 imported cars from ports under the initiative and the total value of payments reached about $500m.