CAIRO, Oct. 3 (Xinhua) -- The growth rate of Egypt's gross domestic product slowed to 2.4 percent in the fiscal year 2023/24 that ended in June, down from 3.8 percent in the previous fiscal year, according to a statement released by the country's Ministry of Planning and Economic Development on Thursday.
The statement attributed the decline to successive external shocks, geopolitical tensions, and the austerity policies adopted by the government to restore macroeconomic stability, especially through tighter governance of public investments.
The statement noted that Suez Canal revenues were among the hardest hit by regional geopolitical tensions, suffering a 30 percent decline in the 2023/24 fiscal year compared to the previous fiscal year.
Additionally, oil and natural gas production declined by 4.7 percent due to reduced foreign investments in new well exploration.
However, the slowdown in economic activity was partially offset by increasing growth in sectors such as communications, information technology, tourism, transportation, and other social services, the statement added.
