Egypt’s economy expanded by 4.77% in the third quarter of its 2024/25 fiscal year, showing significant improvement from the 2.2% growth recorded during the same period last year, the Ministry of Planning reported.

The country’s fiscal year runs from July to June. The manufacturing sector was a major contributor to this rebound, surging by 16.3% in the third quarter after experiencing a 3.9% contraction during the same period the previous year.

However, these gains were partly offset by a continued decline in the oil and gas sector, which shrank by 10.38%, according to Reuters.

Egypt is aiming to establish itself as a regional energy hub, building on large discoveries such as the Zohr gas field in the Mediterranean, estimated to contain around 30 trillion cubic feet of natural gas.

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Last year, the government revealed plans to invest $1.2 billion in the 2024/25 fiscal year to drill 110 exploratory wells.

This effort is part of a larger strategy to spend $7.2 billion on drilling 586 exploratory wells by 2030.

More recently, the country announced a new oil and gas discovery in the Abu Sennan brownfield, located in the Western Desert.

The ministry also provided data on Suez Canal revenues, showing a decline to $900 million in the fourth quarter, down from $1.1 billion the previous year.

Trade activity through the crucial canal fell by 23.1% in the third quarter, a smaller decrease compared to the 51.6% drop recorded during the same period last year.

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