Egypt's economy is on a steady path of reform and recovery, with growth accelerating and private investment outpacing public spending, Planning Minister Rania Al-Mashat said Sunday during a meeting with senior officials from ratings agency S&P Global. Al-Mashat said Egypt recorded 4.2 per cent growth in the first nine months of fiscal year 2024/25, up from 2.4 per cent a year earlier, supported by non-oil manufacturing, exports, IT, and tourism. Preliminary estimates suggest growth exceeded expectations for the full year, she added. Private investment at constant prices surged 24.2 per cent year-on-year in the third quarter to 142.8 billion Egyptian pounds, accounting for nearly 63 per cent of total executed investments, outstripping public spending for the third consecutive quarter, she said. The minister stressed Egypt's commitment to structural and economic reforms launched in March 2024 to safeguard recent gains, boost private-sector participation, and attract local and foreign investment. She highlighted efforts to cut external debt and strengthen governance of development finance. Al-Mashat also highlighted to the S&P delegation Egypt's new National Narrative for Economic Development that is designed to integrate the government's 2024–2027 programme with Egypt's Vision 2030. The framework seeks to shift towards a more competitive, export-oriented economy, underpinned by infrastructure gains and greater private-sector involvement. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
