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Economy of Egypt information


Economy of Egypt
Cairo, the financial center of Egypt
CurrencyEgyptian pound (ISO code: EGP, abbreviation: LE)
Fiscal year
1 July – 30 June
Trade organisations
AfCFTA, African Union, COMESA, CAEU, WTO, BRICS
Country group
  • Developing/emerging[1]
  • Lower-middle income economy[2]
Statistics
PopulationIncrease 107,212,000 (2023 est.)[3]
GDP
  • Decrease US$347.594 billion (nominal, 2024 est.)[3]
  • Increase US$1.899 trillion (PPP, 2024 est.)[3]
GDP rank
  • 38th (nominal; 2024)
  • 18th (PPP; 2024)
GDP growth
  • Increase 3.8% (2023)
GDP per capita
  • Decrease US$3,225 (nominal, 2024 est.)[3]
  • Increase US$17,614 (PPP, 2024 est.)[3]
GDP per capita rank
  • 133rd (nominal; 2024)
  • 92nd (PPP; 2024)
GDP by sector
  • Agriculture: 11.7%
  • Industry: 34.3%
  • Services: 54%
  • (2017 est.)[4]
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.)[4]
Inflation (CPI)
  • 35.727% (2023 est.)[3]
Population below poverty line
  • Negative increase2.5% at $2.15/day (2023)[5]
  • Negative increase5% at $3.65/day (2017)[6]
  • Positive decrease4.5% in extreme poverty (2019/2020)[7]
  • Positive decrease32% below national poverty line (2024 est.)
[7] 60% of egypt population are poor or middle class citizens
Gini coefficient
31.5 medium (2017)[4]
Human Development Index
  • Increase 0.731 high (2021)[8] (97th)
  • Increase 0.519 high IHDI (2021)[8] (100th)
Labour force
  • Increase 30 million (2023)[9]
  • Decrease 41.9% employment rate (Q2 2021)[10]
Labour force by occupation
  • Agriculture: 25.8%
  • Industry: 25.1%
  • Services: 49.1%
  • (2015 est.)[4]
Unemployment
  • Positive decrease 7.5% (2024 est.)[3]
  • Positive decrease 5.0% youth unemployment (Q2 2021; 15 to 19 year-olds)[10]
  • Negative increase 2.211 million unemployed (Q3 2021)[9]
Main industries
textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
External
ExportsUS$53.9 billion (2022)[11]
Export goods
refined petroleum, crude petroleum, petroleum gas, nitrogenous fertilizers and gold[11]
Main export partners
  • Economy of Egypt Turkey 7.9%
  • Economy of Egypt Italy 6.2%
  • Economy of Egypt United States 5.9%
  • Economy of Egypt Spain 5.6%
  • Economy of Egypt India 4.8%
  • Economy of Egypt United Arab Emirates 4.4%
  • Economy of Egypt Saudi Arabia 4.4%
  • Economy of Egypt France 4%
  • Economy of Egypt United Kingdom 3.9%
  • Economy of Egypt Greece 3%
  • (2022)[11]
ImportsUS$95.7 billion (2022)[11]
Import goods
refined petroleum, wheat, cars, crude petroleum and maize
Main import partners
  • Economy of Egypt China 17.4%
  • Economy of Egypt United States 6.9%
  • Economy of Egypt Saudi Arabia 6.7%
  • Economy of Egypt United Arab Emirates 5.7%
  • Economy of Egypt Turkey 4.9%
  • Economy of Egypt India 4.3%
  • Economy of Egypt Germany 4.1%
  • Economy of Egypt Italy 3.6%
  • Economy of Egypt Brazil 3.1%
  • Economy of Egypt France 3%
  • (2022)[11]
FDI stock
  • Increase US$132.477 billion (2020)[12]
  • Decrease Abroad: US$5.852 billion (2020)[12]
Gross external debt
Negative increaseUS$165 billion (March 2023; 46th)
Public finances
Government debt
Negative increase92.684% of GDP (2023)[3]
Budget balance
−US$6.811 billion (2023 est.)[3]
RevenuesIncreaseE£1.864 trillion (2023)[3]
ExpensesNegative increaseE£2.339 trillion (2023)[3]
Credit rating
  • Standard & Poor's:[13]
  • B
  • Outlook: Stable
  • Moody's:[14]
  • B3
  • Outlook: Stable
  • Fitch:[15]
  • B+
  • Outlook: Stable
  • Scope Ratings:[16]
  • B−
  • Outlook: Stable
Foreign reserves
US$34.660 billion (May 2023)[17]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

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 by nominal GDP, and 38th in worldwide ranking as of 2023.[18]

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.[19][20] The country benefits from political stability; its proximity to Europe, and increased exports. From an investor perspective, Egypt is stable and well-supported by external stakeholders.[21]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e f g h i j k "Report for Selected Countries and Subjects". IMF. Retrieved 12 October 2023.
  4. ^ a b c d "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 6 April 2019.
  5. ^ "Poverty headcount ratio at $2.15 a day (2017 PPP)".
  6. ^ "Poverty headcount ratio at $3.65 a day (2017 PPP)".
  7. ^ a b "Poverty rate in Egypt".
  8. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 8 December 2022.
  9. ^ a b "Unemployment in Egypt rises to 7.5% during 3Q 2021". Daily News Egypt. 17 November 2021. Retrieved 9 January 2022.
  10. ^ a b "Employment rates" (PDF). enterprise.press. Archived from the original (PDF) on 15 December 2021. Retrieved 15 January 2022.
  11. ^ a b c d e "Egypt (EGY) Exports, Imports, and Trade Partners | OEC". OEC - The Observatory of Economic Complexity. Retrieved 9 April 2024.
  12. ^ a b "Foreign direct investment (FDI) in Egypt". www.lloydsbanktrade.com. Archived from the original on 14 December 2021. Retrieved 15 January 2022.
  13. ^ "Standard & Poor's keeps Egypt's credit rating at B/B with stable outlook". EgyptToday. Egyptian Media Group. 9 May 2021. Retrieved 8 February 2022.
  14. ^ "Rating Action: Moody's affirms Egypt's B2 rating, maintains stable outlook". moodys.com. Archived from the original on 14 December 2021. Retrieved 14 December 2021.
  15. ^ "Fitch Affirms Egypt at 'B+'; Outlook Stable". fitchratings.com. Archived from the original on 26 October 2021. Retrieved 14 December 2021.
  16. ^ "Scope affirms the Arab Republic of Egypt's ratings at B- and revises the Outlook to Stable". scoperatings.com. Retrieved 12 April 2024.
  17. ^ "Request Rejected" (PDF). www.cbe.org.eg. Retrieved 26 September 2023.
  18. ^ "Report for Selected Countries and Subjects". IMF. Retrieved 26 September 2023.
  19. ^ "Egypt's Unemployment Falls to Lowest Levels in 14 Years". Asharq AL-awsat. Retrieved 3 March 2021.
  20. ^ "Egypt's poverty rate declines to 29.7%: CAPMAS - Economy - Business". Ahram Online. Archived from the original on 13 March 2021. Retrieved 3 March 2021.
  21. ^ "France's Coface favours Egypt to lead Africa's economic recovery". The Africa Report.com. 2 March 2021. Retrieved 7 March 2021.

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