Cairo – Mubasher: The Egyptian Prime Minister, Mostafa Madbouly, reviewed a report prepared by the Cabinet's Information and Decision Support Center (IDSC) on the report issued by Fitch Solutions in August.
Fitch said that the consumption sector in Egypt performed relatively well as compared to other markets in the world that were negatively affected by the COVID-19 pandemic, the Acting President of IDSC, Osama El-Gohary, said in a statement on Tuesday.
The consumption sector, which would normally rebound in two-to-three years, has been resilient amid the pandemic in Egypt and witnessed a strong performance after the crisis.
According to estimates by Fitch Solutions, household consumption spending increased by 15% in 2021 as compared to 2019, with expectations to grow further by 21% in 2022.
The government's efforts to support the most vulnerable segments in the country as well as its inflation and monetary policies have contributed to driving the growth of household spending.
