Economy of Egypt

Economy of Egypt
The business district of Egypt's new administrative capital
CurrencyEgyptian pound (ISO code: EGP, abbreviation: LE)
1 July – 30 June
Trade organisations
AfCFTA, African Union, COMESA, CAEU, WTO, BRICS
Country group
Statistics
PopulationIncrease 108,340,000 (2024)[3]
GDP
  • Increase US$410.8 billion (nominal, 2024 est.)[3]
  • Increase US$2.24 trillion (PPP, 2024 est.)[3]
GDP rank
GDP growth
  • Decrease 2.672% (2024 est.)[3]
GDP per capita
  • Increase US$3,873 (nominal, 2024 est.)[3]
  • Increase US$20,800 (PPP, 2024 est.)[3]
GDP per capita rank
GDP by sector
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]
Population below poverty line
  • Negative increase 18% at $3.65/day (2019)[5]
  • Positive decrease 4.5% in extreme poverty (2019/2020)[6]
  • Positive decrease 32% below national poverty line (2024 est.)
[6] 60% of egypt population are poor or middle class citizens
31.9 medium (2019)[7]
Increase 35 out of 100 points (2023, 108th rank)
Labour force
  • Increase 30 million (2024)[9]
  • Decrease 41.9% employment rate (Q2 2021)[10]
Labour force by occupation
Unemployment
  • Negative increase 7.230% (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
ExportsIncrease US$88.1 billion (2024)[11]
Export goods
refined petroleum, crude petroleum, petroleum gas, nitrogenous fertilizers and gold[11]
Main export partners
ImportsDecrease US$85.1 billion (2024)[11]
Import goods
refined petroleum, wheat, cars, crude petroleum and maize
Main import partners
FDI stock
  • Increase US$143.5 billion (2024)[12]
  • Increase Abroad: US$17.9 billion (2024)[12]
Positive decreaseUS$152.1 billion (2024)[13]
Public finances
Positive decrease90.857% of GDP (2024 est.)[3]
−US$24.928 billion (2024 est.)[3]
RevenuesIncreaseE£2.301 trillion (2024 est.)[3]
ExpensesNegative increaseE£3.704 trillion (2024 est.)[3]
  • Scope Ratings:[17]
  • B−
  • Outlook: Stable
Increase US$62.2 billion (2024)[18]
All values, unless otherwise stated, are in US dollars.

The economy of Egypt is 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 39th in worldwide ranking as of 2024.

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 l "Report for Selected Countries and Subjects". IMF. Retrieved 24 October 2024.
  4. ^ a b c "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 6 April 2019.
  5. ^ "Poverty headcount ratio at $3.65 a day (2017 PPP)".
  6. ^ a b "Poverty rate in Egypt".
  7. ^ "Gini index - Egypt, Arab Rep". World Bank.
  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. ^ "Egypt External Debt, 1997 – 2024". www.ceicdata.com. Retrieved 24 October 2024.
  14. ^ "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.
  15. ^ "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.
  16. ^ "Fitch Affirms Egypt at 'B+'; Outlook Stable". fitchratings.com. Archived from the original on 26 October 2021. Retrieved 14 December 2021.
  17. ^ "Scope affirms the Arab Republic of Egypt's ratings at B- and revises the Outlook to Stable". scoperatings.com. Retrieved 12 April 2024.
  18. ^ Mounir, Hossam (6 November 2024). "Egypt's net international reserves increase to $46.941bn in October: CBE". Dailynewsegypt. Retrieved 6 November 2024.
  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.