Egypt economy grows 4.8% in FY2024-25: Planning Ministry

Egypt economy grows 4.8% in FY2024-25: Planning Ministry

Egypt's economy has shown remarkable resilience and growth, with the Planning Ministry reporting a 4.8% increase in Gross Domestic Product (GDP) for the fiscal year (FY) 2024-25. This growth is attributed to a combination of factors, including a robust performance in key sectors such as tourism and manufacturing, as well as a significant surge in remittances from Egyptians working abroad.

Remittances from Egyptians overseas have surged dramatically in the first 10 months of FY2024-25. According to the Central Bank of Egypt (CBE), remittances jumped by 77.1% year on year (YoY) during this period, reaching approximately $29.4 billion [1]. This unprecedented leap is the highest recorded since the CBE began tracking remittance data. The growth trend continued into April 2025, with remittances increasing by 39.0% YoY to about $3.0 billion, compared to $2.2 billion in April 2024.

The CBE attributed this growth to several factors, including a strong global economy, increased job opportunities for Egyptians abroad, and improved remittance policies. The growth was particularly notable between January and April 2025, with remittance inflows increasing by 72.3% YoY to about $12.4 billion, compared to $7.2 billion in the corresponding period a year earlier.

The Planning Ministry highlighted that the growth in remittances has played a crucial role in supporting Egypt's economic recovery and stability. Remittances not only contribute to the country's foreign exchange reserves but also help in reducing poverty and stimulating domestic consumption.

The CBE also reported that remittances from Egyptians working abroad rose by 82.7% YoY during the period from July 2024 to March 2025. In the third quarter (Q3) of the current FY, remittances climbed 86.6% YoY to approximately $9.4 billion between January and March 2025, compared to $5.0 billion in the corresponding quarter of the previous FY.

These figures underscore the significance of remittances in Egypt's economic landscape and their potential to drive future growth. As Egypt continues to implement policies aimed at fostering a more conducive environment for both domestic and foreign investment, the country is poised for further economic advancement.

References:
[1] https://www.zawya.com/en/economy/north-africa/remittances-from-egyptians-overseas-surge-771-in-10-months-cbe-rykj7aqe