Egypt’s economy is expected to grow by 5 percent during the current fiscal year despite a rise in inflation, according to the latest World Bank MENA economic update.
The growth will be greater than 2020/21, when the North African country saw its economy swell by 3.3 percent.
The outlook marks an upward revision compared to April’s economic update that predicted the North African country’s gross domestic product would grow at 4.5 percent this fiscal year.
The new estimate comes despite annual inflation increasing to 8.0 percent in September 2021, up from to 3.3 percent for the same period in 2020, according to the Central Agency for Public Mobilization and Statistics in Egypt (CAPMAS).
In addition, the general consumer price index increased by 116.1 points in September 2021.
The official statistics agency attributed this to the increase in food prices.