Fri 26-08-2022 01:07 AM
CAIRO, 25th August, 2022 (WAM) — Egypt’s economy grew by 6.6% in the previous fiscal year 2021/2022 compared to a growth rate of 3.3% in the year prior, Prime Minister Moustafa Madbouli said on Thursday.
Madbouli made the remarks during a press conference on Thursday at the Cabinet’s headquarters in New Alamein City, according to the state news agency.
The last quarter of the past fiscal year was really difficult due to the Russia-Ukraine war and its effect on development rates, the premier said, noting that Egypt’s projected growth rate for the end of the fiscal year had been estimated at 6.2 percent.
Madbouli added that the unemployment rate in the country stabilised at 7.2 percent, which he described as an “encouraging figure”.
The real challenge for the State is the global phenomenon of high inflation rates, he said, revealing that inflation has hit 14.6 percent in Egypt.