Egypt's GDP grows 5% in Q3 FY2025/2026, exceeding initial projections
via Egypt Today2 min read
Egypt's Minister of Planning and Economic Development, Ahmed Rostom, announced that the country's GDP grew by a preliminary 5 percent in the third quarter of fiscal year 2025/2026. This growth rate surpasses the 4.8 percent recorded in the same period of the previous fiscal year and exceeded initial expectations of 4.6 percent, despite regional tensions. Several non-oil sectors showed strong performance, with the Suez Canal growing by 23.6 percent, the restaurants and hotels sector by 8.3 percent, and the construction sector by 5.6 percent. Non-oil manufacturing also saw positive growth of 2.1 percent, with notable increases in wood products, motor vehicle manufacturing, chemical industries, pharmaceuticals, paper, and food industries. The construction sector's rebound is attributed to ongoing infrastructure projects and urban expansion, with Fitch Ratings projecting continued expansion. The extractive industries sector's contraction eased due to increased drilling and exploration, boosting oil and gas production. The government has also reduced arrears owed to foreign partners from $6.1 billion to approximately $700 million, aiming to settle all obligations by the end of June. Recent oil and gas discoveries are expected to further enhance production and sector growth in the fourth quarter of FY2025/2026.
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The Egyptian and Turkish air forces have concluded a multi-day joint air force exercise held at several air bases in Egypt. The exercise involved a series of training activities and joint aerial sorties, utilizing some of the latest multi-role fighter aircraft from both air forces. According to the Egyptian military, the exercise demonstrated the high proficiency of the participating forces and facilitated the exchange of training and tactical expertise in planning, execution, and command-and-control procedures. This joint exercise is part of ongoing efforts to strengthen military relations and expand cooperation between the Egyptian Air Force and its counterparts in allied and friendly nations.
Must ReadEgypt's President Abdel Fattah El-Sisi urged the development of the consultative mechanism between Egypt, Saudi Arabia, Pakistan, and T眉rkiye into an effective institutional framework. This framework would aim to provide comprehensive and sustainable solutions to regional crises. President El-Sisi made these remarks during a meeting with the foreign ministers of these countries in Cairo, where they convened for the fourth meeting of the quadrilateral grouping. Discussions included the recently agreed US-Iran memorandum of understanding MoU and the Palestinian cause. El-Sisi reaffirmed Egypt's commitment to supporting the implementation of the US-Iran MoU and emphasized joint regional efforts for a just and comprehensive solution to the Palestinian cause, describing it as a prerequisite for regional stability. He stressed that any final agreement between the US and Iran must ensure the security of Gulf Cooperation Council states and other Arab countries, respecting state sovereignty, territorial integrity, good-neighborliness, freedom of navigation, and peaceful dispute resolution. The President also praised Pakistan's role in bridging differences between the US and Iran. The foreign ministers welcomed their meeting with El-Sisi, acknowledging Egypt's commitment to regional and international peace and stability, and supported the idea of developing coordination into an effective institutionalized framework.
Must ReadEgypt hosted the fourth round of a Quadrilateral meeting on Sunday in Cairo with the Foreign Ministers of Pakistan, Saudi Arabia, and Turkey to discuss recent regional developments. This meeting occurred concurrently with diplomatic talks in Switzerland involving the United States, Iran, Qatar, and Pakistan, focused on implementing a recently signed Memorandum of Understanding MoU between the United States and Iran. The MoU, signed by US President Donald Trump and Iranian President Masoud Pezeshkian, aims to end military operations between the two countries, including in Lebanon, and outlines a framework for Iran's nuclear program, reopening the Strait of Hormuz, and lifting sanctions on Tehran. The Iranian Foreign Ministry stated that the Swiss meetings would address aspects of the MoU such as oil sale exemptions, unfreezing Iranian assets, and ensuring a ceasefire in Lebanon. Egypt and other regional partners have advocated for a diplomatic resolution to the Middle East escalation.