The tourism sector in Egypt in 22/23 had revenue of USD 13.6 billion with a growth rate of 28 per cent. The Suez Canal ranked second with a growth rate of 18.4 per cent. The construction sector recorded a growth of 5.2 per cent. This was according to a report, entitled the "Decent Life" submitted by the Minister of Planning, Hala Al-Saeed, to the two chambers of Parliament: the House of Representatives and the Senate. The "Decent Life" initiative aims to improve the standard of living in all villages in the Egyptian countryside.

According to the government report, the Suez Canal sector came in second place due to the rise in canal revenues, amounting to a total of USD8.8 billion. This is the highest annual revenue achieved in the history of the canal due to the success of its marketing, by the Suez Canal General Authority. The Suez Canal also achieved savings, compared to alternative routes, even though there was a rise in ship rental and shipping prices, a continuous rise in oil prices, and a change in the global trade map as a result of the Russian-Ukrainian crisis. Savings in the distance achieved by using the Suez Canal were higher compared to routes like the Panama Canal and the Cape of Good Hope. Moreover, the Suez Canal contributed to CO2 emissions which decreased by 31 million tonnes in 2022 compared to alternative routes. The overall saving of fuel was 10.3 million tonnes.

The report showed that the communications and information technology sector ranked third, with a growth rate of 16.3 per cent. The implementation of a large number of national projects to achieve digital transformation and develop digital infrastructure

According to the economic and social performance follow-up report for the fiscal year 2022/2023, the social services sector ranked fourth, with a growth rate of 5.8 per cent. A growing number of investments are directed to the education and other social services sectors.

In fifth place is the construction sector with a growth rate of 5.2 per cent, a result of an acceleration of national projects for roads, bridges and tunnels.

The report also stated that the business services sector achieved a growth rate of 4.8 per cent while the transportation and storage sector recorded 4.3 per cent. This was followed by the wholesale and retail trade sector which recorded 4.2 per cent, and the agriculture and forestry sector which recorded 4.1 per cent.

The report also reviewed the performance of the Egyptian economy. First, it looked at the performance of several indicators, such as gross domestic product (GDP), final consumption, savings and investment, inflation and unemployment.  As well as monitoring monetary and banking developments, it also looked at international economic transactions and the state's general budget.

The report also looked at sector highlights, which include agriculture, mining, manufacturing, electricity, construction, and building. Productive service activities include wholesale and retail trade, transportation, the Suez Canal, financial services, businesses, communications and information services, and tourism.

The report monitors the changes that have occurred in the human and social development sectors. It presents developments in educational services and  health, followed by social care, youth services, sports, cultural services, environmental improvement services, and the green economy. The report also highlights the vital importance of these activities in supporting sustainable development in line with Egypt's Vision 2030.

Finally, the report reviewed the spatial dimension related to improving the living conditions in different parts of Egypt, and what was accomplished from the perspective of rural, regional and local development.

Photo: Egypt is recovering from an economic slowdown (by Adobe)