Egypt Economy
The Economy of Egypt used to be a highly centralized economy, focused on import substitution under president Gamal Abdel Nasser (1954–1970). During the rule of President Abdel Fattah el-Sisi (2014–present), the economy follows Egypt’s 2030 Vision. The policy is aimed at diversifying Egypt’s economy. The country’s economy is the second largest in Africa after Nigeria regarding nominal GDP, and 35th in worldwide ranking as of 2021.
Since the 2000s, the pace of structural reforms (including fiscal and monetary policies, taxation, privatization and new business legislation) helped Egypt move towards a more market-oriented economy and prompted increased foreign investment. The reforms and policies have strengthened macroeconomic annual growth results. As Egypt’s economy healed, other prominent issues like unemployment and poverty began to decline significantly.[21][22] The country benefits from political stability; its proximity to Europe, and increased exports. It also enjoys a strong currency. From an investor perspective, Egypt is stable and well-supported by external stake
Currency | Egyptian pound (EGP, £E) |
1 July – 30 June | |
Trade organizations | |
Country group | · Upper-middle income economy[2] |
Statistics | |
Population | 104,674,145 (2021)[3] |
· US$438.348 billion (nominal, 2022 est.)[4] | |
GDP rank | |
GDP growth | · 5.314% (2018) · 3.570% (2020) |
GDP per capita | · US$4,176.598 (nominal, 2022 est.)[4] · US$13,786 (PPP, 2022 est.)[4] |
GDP per capita rank | |
GDP by sector | · Agriculture: 11.7% · Industry: 34.3% · Services: 54% · (2017 est.)[6] |
GDP by component | · Household consumption: 86.8% · Government consumption: 10.1% · Investment in fixed capital: 14.8% · Investment in inventories: 0.5% · Exports of goods and services: 16.3% · Imports of goods and services: −28.5% · (2017 est.)[6] |
· 5.700% (2020) · 4.502% (2021)[5] | |
Population below poverty line | · 32.5% (2017/18) · 28.9% (2019/20) |
31.5 medium (2017)[6] | |
Labour force | · 29.30 million (Q3 2021)[10] · 41.9% employment rate (Q2 2021)[11] |
Labour force by occupation | · Agriculture: 25.8% · Industry: 25.1% · Services: 49.1% · (2015 est.)[6] |
Unemployment | · 7.292% (2021)[5] · 5.0% youth unemployment (Q2 2021; 15 to 19 year-olds)[11] · 2.211 million unemployed (Q3 2021)[10] |
Main industries | textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures |
External | |
Exports | US$45.2 billion (2021 est.)[13] |
Export goods | crude oil and petroleum products, cotton, textiles, metal products, chemicals, agricultural goods |
Main export partners | · United States 8.8% · United Arab Emirates 6.3% · Italy 6.3% · Turkey 5.8% · Saudi Arabia 5.6% · India 5.0% · (2019)[6] |
Imports | US$80.4 billion (2020 est.)[14] |
Import goods | machinery and equipment, foodstuffs, chemicals, wood products, fuels, military equipment |
Main import partners | · China 15% · Russia 6.6% · United States 6.1% · Saudi Arabia 6.1% · Germany 4.9% · Turkey 4.5% · (2019)[6] |
FDI stock | · US$132.477 billion (2020)[15] · Abroad: US$5.852 billion (2020)[15] |
Gross external debt | US$129.196 billion (Q4 2020; 5 |
Main economic sectors
Agricultural sector
Industrial sector
Services sector
Tourism sector