Egypt’s gross domestic product (GDP) leaped by 5.6% in Q1 2019, registering the highest rate in 11 years, despite the slowdown in global economic growth, which reached 3.8% last year, Invest-Gate reports.

In a further sign of recovery amid tough reforms since securing the USD 12 bn (EGP 16.13 bn) International Monetary Fund (IMF) loan, public investments rose 9% to hit roughly EGP 87 bn in the three-month period, including EGP 25 bn in government investments – which also increased by 20% compared to the year-ago period, Planning Minister Hala El Saeed said during the cabinet’s weekly meeting on October 30.

This exceptional economic growth, which reached 5.3% in FY 2018/19, can be attributed to five key sectors, namely internal trade, agriculture, real estate, industry, and communications, which contributed to 56% of the GDP during the first quarter. However, the telecom, construction, tourism, gas, and industry sectors, alongside the Suez Canal, posted the highest growth rates during the same period, El Saeed further added.

While reviewing Egypt’s economic and social performance indexes during Q1 2019, the minister underlined that the global growth rates are set to further slow down in the foreseeable future, marking 3% and 3.4% in 2019 and 2020, respectively.

The IMF’s prospects on the global economy betoken a 5.9% growth in Egypt’s GDP in 2020, she noted. Besides, El Saeed discussed the indices on the local labor market, stressing that the unemployment rate in Egypt is presently outperforming comparative countries, as it dropped to 7.5% in Q4 2018 versus around 9.9% in the corresponding period last year.

“The sectors of construction, industry, transport, and warehousing are the highest contributors to the reduction of unemployment rates in the North African country,” the minister highlighted.