Cairo – Mubasher: Egypt’s retail and wholesale sector accounted for 14.5% or EGP 850 million of the country’s gross domestic product (GDP) during fiscal year 2019/2020, the Middle East News Agency (MENA) cited the Minister of Supply and Internal Trade, Ali El-Moselhy.
With the addition of the logistics and storage sector, the retail and wholesale sector would represent 19.5% or EGP 1.2 trillion of the GDP, El-Moselhy said in a speech delivered by the First Assistant of the Minister of Supply and Internal Trade, Ibrahim Ashmawy, during the second edition of Egypt's Summit for Trade and Investment on Tuesday.
Egypt ranked third among the fastest growing economies in the last fiscal year despite the economic disruption caused by the pandemic, he added, noting that the country posted a GDP growth of 3.6%, down from a target of 5.6%.
The country’s GDP reached EGP 5.8 trillion ($362 million) of which the retail sector made up about EGP 500 billion, recording the fastest growth rate in the Middle East.
On a side note, Ashmawy said that the total volume of e-commerce deals increased to $4.8 billion from $3.6 billion in 2018, according to the latest data released by the Federation of Egyptian Banks.
