Key View

• At Fitch Solutions, we expect strong investment and exports of goods and services will drive a pick up in Egypt's real GDP growth from 3.3% in FY2020/21 to 5.4% in FY2021/22.
• In FY2022/23, we forecast growth of 5.5%, with private consumption being the main driver. This will be supported by an adjustment to the minimum wage, easing

Key View

• Growing government commitment to healthcare will benefit the expansion of universal healthcare coverage, the adoption of strategic partnerships and increased pharmaceutical investment.
• Alongside this, improving the health of the population is increasingly becoming a priority for Egypt’s government, in line with the UN’s Sustainable

Key View

• At Fitch Solutions, we believe that household spending growth in Egypt will decelerate in 2022. We forecast real household spending to expand by 3.2% over the year, lower than the estimated 7.0% estimated over 2021 and 7.3% in 2020.
• We believe that the deceleration will chiefly be driven by unfavourable base effects following two

Key View

• Egypt seeks to strengthen trade routes as the country pushes ahead with international pharmaceutical cooperation.
• Pharmaceutical exports to be boosted over the long-term by government support.
• However, Egypt’s operating environment is relatively underdeveloped compared to regional peers, posing headwinds to foreign investment

Key View

• At Fitch Solutions, we project that Egypt’s real GDP growth will pick up from 3.3% in FY2020/21 to 5.0% in FY2021/22 and 5.5% in FY2022/23.
• The economic acceleration will be driven by private consumption and fixed investment. Also, the drag from net exports on the economy will decline as tourism activity picks up.
• Higher-than

Key View

• At Fitch Solutions, we hold a positive outlook for Egypt's e-commerce market over the medium term (2021-2025). We forecast e-commerce sales in the country to expand by a CAGR of 10.8% over this period to reach USD1.5bn by 2025, up from USD1.0bn in 2021.
• A key driver behind growth in Egypt's e-commerce sector will be the country's

Key View

• We note rising upside risk to our outlook for high-speed rail development in Egypt following the announcement of a USD4.5bn contract for the Ain-Sokhna - Marsa Matrouh high-speed rail (HSR) project between the Egyptian National Tunnels Authority (NAT) and a consortium comprising Siemens Mobility, Orascom Construction and The Arab

Key View

• At Fitch Solutions, we hold a positive outlook for the Egyptian confectionery market over the medium-term (2021-2025).
• We forecast household spending on sugar and confectionery products to expand at 7.8% compound annual growth rate (CAGR) over this period.
• Rising wealth levels, ongoing urbanisation and improving access to mass

Key View

• We forecast real household spending in Egypt to post growth of 7.2% in 2021, in line with the estimated growth of 7.5% over 2020.
• With continued growth in the country's consumer and retail sector, Egypt is both a regional and a global outlier, with real household spending in most markets adversely impacted by the Covid-19 pandemic.