CAIRO - 27 February 2024: A report issued by the Ministry of Planning and Economic Development said that the economic growth rate targeted by the plan for the fiscal year 2023/2024 is about 4.1 percent, while the plan targets 11.84 trillion pounds of gross domestic product, achieving 15.2% as an investment rate, and 1.65 trillion pounds in total investment volume. The report explained that the target unemployment rate for the year of the plan is between 7.3 - 7.6 percent, while the target is to achieve an inflation rate of 16 percent. Regarding the structure of investments, the report indicated that the total public investments amounted to 63.6 percent, with a value of 1.05 trillion pounds, while private investments amounted to 36.4 percent, with a value of 600 billion pounds. Regarding foreign exchange sources, the report showed that net remittances from Egyptians working abroad amounted to $31 billion, while non-oil commodity exports amounted to about $32 billion, net foreign direct investment about $11 billion, in addition to $9 billion in Suez Canal revenues.

Source: Egypt Today February 27, 2024 20:36 UTC