Cairo: Ayman Mehaseb, rapporteur of the National Dialogue's Investment Priorities Committee and a member of parliament, said recent economic indicators clearly demonstrate the strength and resilience of Egypt's economy and its ability to withstand global shocks.
According to State Information Service Egypt, Mehaseb highlighted a notable improvement in growth rates and expanding exports, which offer renewed evidence of the success of economic and structural reforms pursued under President Abdel Fattah El Sisi. Mehaseb reported that Egypt's GDP growth reached 5.3% in the first quarter of fiscal year 2025/26, up from 3.5% a year earlier, marking a shift to a new phase characterized by expanded production and higher value-added output. This growth is particularly driven by a strong performance in non-oil manufacturing, which posted unprecedented growth rates.
He also noted that the increase in Egyptian exports, including both fully manufactured and semi-finished goods, demonstrates the tangible benefits industrial growth brings to the national economy. Semi-finished exports rose by 34% in August, while ready-made garment exports grew by more than 20%, showcasing the sector's expanding ability to enter foreign markets, particularly in the Gulf and Europe where demand is on the rise.
Mehaseb further elaborated on the continued growth in the communications and information technology sector, tourism, and financial intermediation. He pointed out a strong rebound in Suez Canal activity, which recorded 8.6% growth for the first time in 18 months, as a reflection of a diverse economic base and the government's capability to expand in export-focused and digital economy sectors. The doubling of non-oil manufacturing growth to 14.5% and the anticipated increase in mobile phone production to 10 million units in 2025 indicate significant progress in localizing technology and advanced industries.
He emphasized the government's commitment to empowering the private sector, noting an increase in private investment to 66% of total investments. This change reflects a more competitive business environment that appeals to both domestic and foreign investors.
Mehaseb concluded by stating that sustained improvements in economic indicators, shrinking deficits in several sectors, and rising growth elsewhere demonstrate that Egypt's economy is on the right track. He expressed optimism that the coming period would see a greater impact of reforms on living standards, including purchasing power, employment, and service quality. Mehaseb added that Egypt has a real opportunity to achieve growth exceeding 5% in the current fiscal year, supported by structural reforms, macroeconomic stability, and rising exports.