April 22, 2024

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)

Fiscal year

1 July – 30 June

Trade organizations

WTOAUAfCFTACAEU and COMESA

Country group

·        Developing/emerging[1]

·        Upper-middle income economy[2]

Statistics

Population

 104,674,145 (2021)[3]

GDP

·         US$438.348 billion (nominal, 2022 est.)[4]

·         US$1.220 trillion (PPP, 2022 est.)[4]

GDP rank

·        35th (nominal; 2021)

·        21st (PPP; 2021)

GDP growth

·         5.314% (2018)
 5.558% (2019)

·         3.570% (2020)
 3.326% (2021)[5]

GDP per capita

·         US$4,176.598 (nominal, 2022 est.)[4]

·         US$13,786 (PPP, 2022 est.)[4]

GDP per capita rank

·        118th (nominal; 2021)

·        99th (PPP; 2021)

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]

Inflation (CPI)

·        5.700% (2020)

·        4.502% (2021)[5]

Population below poverty line

·        32.5% (2017/18)

·        28.9% (2019/20)

[7]

Gini coefficient

 31.5 medium (2017)[6]

Human Development Index

·         0.707 high (2019)[8] (116th)

·         0.492 low IHDI (2018)[9]

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, chemicalspharmaceuticalshydrocarbons, construction, cement, metals, light manufactures

Ease-of-doing-business rank

 114th (medium, 2020)[12]

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, foodstuffschemicals, 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