Economic growth rate was doubled within nine months from 2.4% to 4.2%, as it reached 4.8% in the period of time from January to March 2025

Minister of Finance, Ahmed Kouchouk affirmed that most economic and financial indices are encouraging, which caused us to have more ambitions for this year. The economic growth rate was doubled within the first nine months last fiscal year from 2.4% to 4.2% and reached 4.8% in the period of time from January to March 2025.

 

In a conference held by Canada Egypt Business Council, headed by Moataz Raslan, Kouchouk said that the growth rate of industry recorded over 15% after two years of notable slowdown, while tourism surged by 17%, and the information technology sector continues to achieve high growth rates. The non-oil exports hiked by 33%, and the average inflation retreated to less than 15%.

 

Kouchouk added that over the last fiscal year, we achieved the highest initial surplus by 3.5% of domestic products, besides the increase of spending on health, education and other vital sectors. He clarified that the private sector is on the right track of growth, as it acquired 65% of the total investment and recorded an annual growth rate of 73%.

 

"We target launching the "second backage of tax facilities" within the present fiscal year, and the "tax policies document" before end of 2025 to ensure tax stability, certainty and clarity," said Kouchouk. "The growth rate of tax revenues last fiscal year reached 35% without increase in tax burdens or tax rates. The growth rate of tax revenues of domestic product is about to reach 1% without additional burdens, which affirmed success of the adopted approach of confidence and partnership with business community," added Kouchouk.

 

The Egyptian Minister of Finance pointed out that half a million of taxpayers submitted voluntarily new and amended tax returns with additional tax of about EGP 60bn. Around 170,000 applications for closing old tax files were received, and an amount of EGP 7.5bn was refunded to taxpayers "value added".

Further, 70,000 taxpayers voluntarily applied to join the simplified tax system to benefit from the unprecedented advantages.

 

Kouchouk stated that the ministry is willing to provide a diverse range of incentives for the first 100,000 taxpayers from the small enterprises who will join the simplified tax system.

 

"The present fiscal year will witness the launch of new bundles of facilities in both customs system and real estate tax," he said.

 

"We take into consideration that people may worry about debts. However, we started to reduce the debt for domestic products, and we seek to improve all indices in the coming period of time," said Kouchouk. "We will continue reducing the volume of external debt of state authorities from EGP 1bn to EGP 2bn per year," added Kouchouk.

 

Kouchouk stated that the Ministry of Finance exerts notable efforts to achieve a leap in dispensing the payables of pharmaceutical companies, aiming at accelerating growth of this vital sector.