Egypt’s extraction activities witnessed a 9.2% decline in growth as a result of the contraction in oil and natural gas activities during Q2 of the fiscal year (FY) 2024/25.

This comes as oil activities declined by 7.5% and natural gas activities decreased by 19.6%, according to a statement from the Ministry of Planning and Economic Development and International Cooperation.

However, the positive impact of investments in new discoveries and in the development of production fields is expected to appear during the upcoming period.

This comes as the Ministry of Planning and Economic Development and International Cooperation announced the results of the economic performance during the second quarter of the fiscal year 2024/2025 within its periodic reports on the economic performance of Egypt.

The ministry stated that the gross domestic product (GDP) recorded a growth rate of 4.3% in Q2 of 2024/25, compared to a rate of 2.3% in the corresponding quarter of the previous fiscal year.