Economy of Egypt

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Economy of Egypt

New Administrative Capital, Egypt’s Megacity
Currency	Egyptian 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
Population	107,212,000 (2023 est.)[3]
GDP	US$347.594 billion (nominal, 2024 est.)[3] US$1.899 trillion (PPP, 2024 est.)[3]
GDP rank	38th (nominal; 2024) 18th (PPP; 2024)
GDP growth	3.8% (2023)
GDP per capita	US$3,225 (nominal, 2024 est.)[3] 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	2.5% at $2.15/day (2023)[5] 5% at $3.65/day (2017)[6] 4.5% in extreme poverty (2019/2020)[7] 32% 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	0.731 high (2021)[8] (97th) 0.519 high IHDI (2021)[8] (100th)
Labour force	30 million (2023)[9] 41.9% employment rate (Q2 2021)[10]
Labour force by occupation	Agriculture: 25.8% Industry: 25.1% Services: 49.1% (2015 est.)[4]
Unemployment	7.5% (2024 est.)[3] 5.0% youth unemployment (Q2 2021; 15 to 19 year-olds)[10] 2.211 million unemployed (Q3 2021)[9]
Main industries	textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
External
Exports	US$53.9 billion (2022)[11]
Export goods	refined petroleum, crude petroleum, petroleum gas, nitrogenous fertilizers and gold[11]
Main export partners	Turkey 7.9%  Italy 6.2%  United States 5.9%  Spain 5.6%  India 4.8%  United Arab Emirates 4.4%  Saudi Arabia 4.4%  France 4%  United Kingdom 3.9%  Greece 3% (2022)[11]
Imports	US$95.7 billion (2022)[11]
Import goods	refined petroleum, wheat, cars, crude petroleum and maize
Main import partners	China 17.4%  United States 6.9%  Saudi Arabia 6.7%  United Arab Emirates 5.7%  Turkey 4.9%  India 4.3%  Germany 4.1%  Italy 3.6%  Brazil 3.1%  France 3% (2022)[11]
FDI stock	US$132.477 billion (2020)[12] Abroad: US$5.852 billion (2020)[12]
Gross external debt	US$165 billion (March 2023; 46th)
Public finances
Government debt	92.684% of GDP (2023)[3]
Budget balance	−US$6.811 billion (2023 est.)[3]
Revenues	E£1.864 trillion (2023)[3]
Expenses	E£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]