Egypt’s Prime Minister Mostafa Madbouli has said that the latest report from Fitch Ratings underscores the strength of Egypt’s economy, after the agency raised its growth forecast for the second time in two months.
Fitch now expects Egypt’s economy to expand 5.2% in the current fiscal year, up from 4.9%, supported by first‑quarter growth of 5.3%.
Madbouli said that the upgrade reflects close monitoring of Egypt’s performance and confidence in improving macroeconomic indicators.
He said Fitch cited higher investment, expanding exports, improved external indicators, greater foreign‑currency availability and a stable labor market, along with expectations of rising Suez Canal revenues.
The agency maintained Egypt’s B rating with a stable outlook and projected continued strength of the Egyptian pound against major currencies.
Madbouli added that current growth is driven by real production rather than temporary factors, noting the government has worked for years to build an economy supported by sustainable, high‑value sectors that can grow regardless of short‑term capital movements.