The Economic Performance Index issued by the Ministry of Planning showed that the communications and information technology (ICT) sector topped the state’s most growing economic sector in the first quarter (Q1) of the fiscal year (FY) 2016/2017.
According to the report, the ICT sector achieved a growth rate of 11.2% in Q1 of FY 2016/2017, which put it on top of the rankings. The construction sector ranked second among the most growing sectors with a growth rate of 8.3%. The general government sector achieved a growth rate of 5.7%.
Moreover, the report stated that the ICT sector pushed its economic growth rate from 8.5% in Q1 of the FY 2015/2016, to reach 10% in the fourth quarter of FY 2015/2016, reaching 11.2% in Q1 of FY 2016/2017.
The gross domestic product for the ICT sector amounted to EGP 15.13bn in Q1 in FY 2016/2017, up from EGP 13.61bn in the same period of FY 2015/2016—an increase of EGP 1.52bn.
The sector also contributed by 3% to the GDP in Q1 of FY 2016/2017, up from 2.8% in the same period in FY 2015/2016.