Economy of Egypt
_06.jpg) The business district of Egypt's new administrative capital | |
| Currency | Egyptian pound (ISO code: EGP, abbreviation: LE) |
|---|---|
| 1 July – 30 June | |
Trade organisations | AfCFTA, African Union, COMESA, CAEU, WTO, BRICS |
Country group | Developing/emerging[1]
|
| Statistics | |
| Population |  108,340,000 (2024)[3] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
GDP by component |
|
| |
Population below poverty line | [5] |
| 31.9 medium (2019)[7] | |
 35 out of 100 points (2023, 108th rank) | |
Labour force | |
Labour force by occupation |
|
| Unemployment | |
Main industries | textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures |
| External | |
| Exports | US$51.1 billion (2023)[11] |
Export goods | Oil, natural gas, and refined petroleum products, fertilizers and other chemical products, metals and building materials, vegetables and foodstuffs, textiles, gold, electrical equipment and electronics. [11] |
Main export partners |
|
| Imports |  US $88.2 billion (2023)[11] |
Import goods | Oil, natural gas, and refined petroleum products, machines, raw ores and metals, pharmaceutical and chemical products, wheat and maize, cars and plastic polymers. [11] |
Main import partners |
|
FDI stock | |
Gross external debt |  US$152.1 billion (2024)[15] |
| Public finances | |
| 77.4% of GDP (2024 est.)[16] | |
| −US$24.928 billion (2024 est.)[3] | |
| Revenues | E£2.301 trillion (2024 est.)[3] |
| Expenses |  E£3.704 trillion (2024 est.)[3] |
| US$46.9 billion (2024)[21] | |
All values, unless otherwise stated, are in US dollars. | |
The economy of Egypt is the second-largest economy in Africa, and 39th in worldwide ranking as of 2024. Egypt is a major emerging market economy and a member of the African Union, BRICS, and a signatory to the African Continental Free Trade Area (AfCFTA). The country is witnessing a period of economic recovery after facing serious financial challenges.[22]
The Egyptian economy has been bolstered by a series of reforms under its sustainable development strategy Egypt Vision 2030, including a dramatic currency flotation in 2024 that led to a 38% depreciation of Egyptian pound against the dollar after securing over $50 billion in international financing. These actions, alongside strategic agreements with global partners such as the IMF, World Bank, the European Union, and the Gulf States, have contributed to an improved credit outlook.[22]
Since the 2000s, structural reforms (including fiscal and monetary policies, taxation, privatization and new business legislation) helped Egypt move towards a more market-oriented economy and increased foreign investment. The reforms and policies strengthened macroeconomic annual growth results and helped to address the country's serious unemployment and poverty rates.[23][24]
Despite facing significant challenges, especially external shocks such as the global economic impacts of the Ukraine conflict and regional instability, Egypt's economy remains resilient. The government's efforts to engage with international financial markets and stabilize the economy have paved the way for continued growth and further economic integration within the broader African and global markets.[22] The country benefits from political stability; its proximity to Europe, and increased exports.[25]
History
[edit]Early modern period
[edit]
From the 1850s until the 1930s, Egypt's economy relied heavily on long-staple cotton, introduced under Muhammad Ali (1805–49) and facilitated by modern irrigation. Cotton was central to a strategy aimed at diversifying the economy.[26] Cotton cultivation was a key component of Muhammad Ali's economic reforms.[27]
Egypt abolished slavery under the Anglo-Egyptian Slave Trade Convention in 1877.[28]
Despite initial efforts, industrialization struggled due to factors like tariff restrictions imposed by Britain through the 1838 commercial treaty. By the 1930s, little industrial development occurred, and Egypt's land-owning elite invested mainly in land rather than industry.[26] Foreign competition stunted domestic ventures, with only a few enterprises, such as sugar and cotton processing, surviving under foreign ownership.[26]
Wartime shortages and demand from Allied forces during World War I spurred the opening of small manufacturing plants. In 1930, the expiration of commercial treaties allowed Egypt to control its tariff policies, fostering local industry. The government's new policies included tariff reforms and the establishment of institutions like the Ministry of Commerce and Industry, created in 1920.[29]
On February 16, 1930, Egypt enacted tariff reforms aimed at protecting local industries. The government imposed high duties on imports and reduced taxes on raw materials, encouraging local manufacturing. The changes led to a decline in imports of finished goods and an increase in raw materials and machinery by 1938.[30]
World War II provided a boost to industrialization, with increased demand from Allied forces and local consumers. Many industries diversified, while new enterprises emerged. The war also trained workers, helping to establish a foundation for local industries that expanded in the post-war period. By 1947, the government enacted laws and established an Industrial Bank to support industrial growth.[31]
The Great Depression and World War II helped catalyze industrialization, shifting Egypt toward import-substitution industries. Despite limited industrialization, the economy grew rapidly throughout the 19th century, largely driven by cotton production, but much of the revenue was lost to foreign investments or repaid debt.[26]
Economic growth stagnated in the early 1900s due to declining cotton yields and land fertility, only recovering by the 1940s with new investments in fertilizers and drainage.[26]
Early Republican period
[edit]
The fall in agricultural productivity and trade led to a stagnation in the per capita gross national product (GNP) between the end of World War I and the 1952 Revolution: the GNP averaged E£43.0, in 1954 prices, at both ends of the period.[26] By 1952 Egypt was in the throes of both economic and political crises, which culminated in the assumption of power by the Free Officers.[26]
Under Gamal Abdel Nasser, Egypt's economy saw substantial growth driven by agrarian reforms, import substitution, key nationalisation efforts like the Suez Canal Company, and major infrastructure projects, including the Helwan steel works and the Aswan High Dam. This period marked an unprecedented rise in living standards, offering Egyptians access to housing, education, healthcare, and employment.[32][33][34]
The land reforms of 1952 aimed to weaken the old landowning class and promote industrialization, with Nasser’s government supporting urban workers through labor reforms. The nationalization of key industries occurred between 1957 and 1961, alongside increased public sector control. While the initial economic results were positive, a crisis emerged by the mid-1960s due to the unsustainable combination of rising consumption and investment.[35]
By necessity if not by design, the revolutionary regime gave considerably greater priority to economic development than did the monarchy, and the economy has been a central government concern since then.[26] While the economy grew steadily, it sometimes exhibited sharp fluctuations.[26] Analysis of economic growth is further complicated by the difficulty in obtaining reliable statistics.[26] Growth figures are often disputed, and economists contend that growth estimates may be grossly inaccurate because of the informal economy and workers' remittances, which may contribute as much as one-fourth of GNP.[26] According to one estimate, the gross domestic product (GDP), at 1965 constant prices, grew at an annual compound rate of about 4.2 percent between 1955 and 1975.[26] This was about 1.7 times larger than the annual population growth rate of 2.5 percent in the same period.[26] The period between 1967 and 1974, the final years of Gamal Abdul Nasser's presidency and the early part of Anwar Sadat's, however, were lean years, with growth rates of only about 3.3 percent.[26] The slowdown was caused by many factors, including agricultural and industrial stagnation and the costs of the 1967 war.[26] Investments, which were a crucial factor for the preceding growth, also nose-dived and recovered only in 1975 after the dramatic 1973 increase in oil prices.[26]
Anwar Sadat’s Infitah, or "Open Door Policy", introduced in 1974, marked a stark departure from Nasser's approach, shifting Egypt toward closer ties with the Western capitalist market. This policy led to the emergence of a new ruling coalition, consisting of technocrats, former landowners, and private-sector entrepreneurs, further solidifying the role of market forces in Egypt's economy. The changes introduced under Sadat's era effectively marked a shift towards capitalist development, contrary to the socialist trajectory some had hoped for following Nasser’s reforms.[35]
Like most countries in the Middle East, Egypt partook of the oil boom and suffered the subsequent slump.[26] Available figures suggest that between 1975 and 1980 the GDP (at 1980 prices) grew at an annual rate of more than 11 percent.[26] This impressive achievement resulted, not from the contribution of manufacturing or agriculture, but from oil exports, remittances, foreign aid, and grants.[26] From the mid-1980s, GDP growth slowed as a result of the 1985-86 crash in oil prices.[26] In the two succeeding years, the GDP grew at no more than an annual rate of 2.9 percent.[26] Of concern for the future was the decline of the fixed investment ratio from around 30 percent during most of the 1975-85 decade to 22 percent in 1987.[26]
Reform era
[edit]Under the economic reforms that began in 1991, Egypt relaxed many price controls, reduced subsidies, lowered inflation, and cut taxes while partially liberalizing trade and investment. Manufacturing became less dominated by the public sector, particularly in heavy industries, as the process of public sector reform and privatization progressed, creating more opportunities for the private sector.
Agriculture, mainly in private hands, was largely deregulated, except for cotton and sugar production. Construction, non-financial services, and domestic wholesale and retail trades were also predominantly private. These changes resulted in steady GDP growth and a reduced inflation rate, with Egypt managing to tame inflation, bringing it down from double digits to a single digit. By then, GDP growth was robust, rising by 7% per annum, largely due to successful diversification.
From 1981 to 2006, gross domestic product (GDP) per capita based on purchasing-power-parity (PPP) increased more than fourfold, from Int$1,355 in 1981 to an estimated Int$4,535 in 2006. In national currency, GDP per capita at constant 1999 prices increased from E£411 in 1981 to E£8,708 in 2006. In terms of current US$ prices, GDP per capita rose from US$587 in 1981 to an estimated US$1,518 in 2006, a figure that translated to just under US$130 per month. According to the World Bank Country Classification, Egypt had moved from the low-income category to the lower-middle-income category by then. In 2013, average weekly salaries in Egypt had risen to E£641 (approximately US$92), showing a 20% increase from the previous year.[36]
| Indicator[37] | 1980 | 1990 | 2000 | 2005 | 2010 | 2017 |
| GDP per capita at constant prices, (E£) | 9,548.57 | 12,507.81 | 15,437.06 | 16,680.25 | 20,226.91 | 21,079.11 |
| GDP per capita at current prices, (E£) | 406.03 | 1,967.41 | 5,607.67 | 8,003.33 | 16,115.11 | 36,603.38 |
| GDP per capita at current prices, (US$) | 580.04 | 1,870.85 | 1,642.63 | 1,330.46 | 2,921.76 | 2,495.02 |
| GDP (PPP) per capita, (Int$) | 2,252.47 | 4,444.05 | 6,725.83 | 8,137.14 | 10,848.16 | 12,697.64 |
Considerable improvements were made under the Nazif government, with substantial progress made in developing Egypt’s legal, tax, and investment infrastructure. Over the past five years, Egypt had passed, amended, or admitted over 15 legislative pieces aimed at supporting economic development. The economy was expected to grow by 4% to 6% during the 2009–2010 period.
Domestic inflationary pressures from both economic growth and rising international food prices prompted the Central Bank of Egypt to increase the overnight lending and deposit rates beginning in February 2008. By September 2008, these rates stood at 11.5% and 13.5%, respectively.
The World Global Financial Crisis led to fiscal and monetary policy measures aimed at mitigating its effects on the national economy, including a 1% reduction in the overnight lending and deposit rates in February 2009. These rates were then set at 10.5% and 12.5%.
Reform of energy and food subsidies, privatization of state-owned enterprises like the Bank of Cairo, and the issue of inflation targeting emerged as some of the most controversial economic issues between 2007 and 2009.
Global financial crisis
[edit]The global financial crisis of 2008 followed closely by the global food crisis presented Egypt with significant economic challenges, but it also prompted more integrated policy reforms. Policymakers responded quickly to mitigate the impacts of these shocks, notably adjusting monetary and fiscal policies as well as regulatory frameworks. A moderate financial panic took hold, partly fueled by fear of widespread panic selling, leading to declines in stock and bond markets and increases in nominal interest rates.[38]
Egypt’s population, concentrated within a narrow strip along the Nile River, primarily worked in the services, agriculture, and industrial sectors, with about one-third directly involved in farming.[39] The unemployment rate increased from 10.3% in FY2004 to 11.2% in 2005, exacerbated by the privatization efforts that led to job losses in public enterprises. Private sector employment grew at a faster pace than the public sector.[40]
In response to rising food prices, the Egyptian government, led by President Mubarak, implemented a pay rise of up to 30% for government and public sector workers in 2008. This was part of an effort to strengthen food security for low-income citizens and to balance wages with prices. The decision to double the originally proposed 15%-20% pay rise came as widespread discontent over inflation could lead to social unrest.[41]
The consumer price index (CPI) inflation rate reached 15.8% in March 2008, with food price inflation much higher at 23.7%. These high inflation figures particularly impacted Egypt's poor and low-income citizens, who spent a large portion of their income on food. By April 2008, food inflation reached 22%, making it clear that inflation as measured by the headline CPI did not capture the struggles of the majority of the population, who were enrolled in food ration programs.[42]
Amid these economic pressures, in April 2009, Egypt was concerned about the return of 500,000 Egyptian laborers from Gulf states, which would have further complicated its economic recovery efforts.[43]
Post-revolution
[edit]Following the 2011 revolution, Egypt's economy plunged into a severe downturn, facing significant challenges in restoring growth and investor confidence. Foreign exchange reserves fell from US$36 billion in December 2010 to just US$16.3 billion by January 2012. Concerns over social unrest and financial instability led to repeated downgrades by credit rating agencies.[44] In 2016, Egypt floated its currency and initiated a reform program with a US$12 billion IMF loan to restore macroeconomic stability.[45]
Inflation had eased by May 2019, indicating signs of economic stabilization.[46]Despite efforts, Egypt’s economy was hit by the global COVID-19 crisis, with real growth declining from 5.6% in FY2018/19 to 3.6% in FY2019/20, reflecting a 1.7% contraction during the April–June period of 2020.[47]
In 2024, Egypt made fiscal adjustments, agreeing with the IMF to raise the tax-to-revenue ratio and accelerate the privatization of state-owned companies to strengthen public finances.[48]
Data
[edit]The following table shows the main economic indicators in 1986–2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green.[49]
| Year | GDP (in bn. US$PPP) |
GDP per capita (in US$ PPP) |
GDP (in bn. US$nominal) |
GDP per capita (in US$ nominal) |
GDP growth (real) |
Inflation rate (in Percent) |
Unemployment (in Percent) |
Government debt (in % of GDP) |
|---|---|---|---|---|---|---|---|---|
| 1980 | 88.5 | 2,183.1 | 23.5 | 580.0 | 3.4%
|
20.5%
|
n/a | n/a |
| 1981 | 99.0
|
2,374.7
|
25.8
|
617.7
|
2.2%
|
10.4%
|
n/a | n/a |
| 1982 | 112.8
|
2,633.4
|
30.5
|
711.4
|
7.3%
|
14.9%
|
n/a | n/a |
| 1983 | 127.7
|
2,900.3
|
37.3
|
846.4
|
8.9%
|
16.0%
|
n/a | n/a |
| 1984 | 142.9
|
3,158.3
|
41.9
|
926.0
|
8.0%
|
17.1%
|
n/a | n/a |
| 1985 | 158.3
|
3,401.8
|
48.8
|
1,049.3
|
7.4%
|
12.1%
|
n/a | n/a |
| 1986 | 169.2
|
3,543.6
|
54.1
|
1,132.5
|
4.8%
|
23.9%
|
n/a | n/a |
| 1987 | 180.8
|
3,705.0
|
77.4
|
1,585.2
|
4.3%
|
25.2%
|
n/a | n/a |
| 1988 | 194.7
|
3,908.8
|
92.5
|
1,858.0
|
4.0%
|
15.2%
|
n/a | n/a |
| 1989 | 208.3
|
4,093.2
|
115.4
|
2,266.4
|
3.0%
|
20.1%
|
n/a | n/a |
| 1990 | 221.2
|
4,307.2
|
96.1
|
1,870.8
|
2.4%
|
21.2%
|
8.0% | n/a |
| 1991 | 233.5
|
4,454.2
|
48.4
|
923.8
|
2.1%
|
14.7%
|
8.8%
|
n/a |
| 1992 | 239.5
|
4,476.7
|
44.2
|
825.4
|
0.3%
|
21.1%
|
9.0%
|
n/a |
| 1993 | 252.3
|
4,571.2
|
49.5
|
897.2
|
2.9%
|
11.0%
|
10.9%
|
n/a |
| 1994 | 268.5
|
4,769.3
|
54.6
|
968.9
|
4.2%
|
9.0%
|
11.1%
|
n/a |
| 1995 | 286.4
|
4,972.8
|
63.3
|
1,098.1
|
4.5%
|
9.4%
|
11.2%
|
n/a |
| 1996 | 305.9
|
5,202.5
|
71.1
|
1,209.5
|
4.9%
|
7.1%
|
9.5%
|
n/a |
| 1997 | 329.6
|
5,484.2
|
79.8
|
1,327.4
|
5.9%
|
6.2%
|
8.7%
|
n/a |
| 1998 | 358.5
|
5,847.5
|
89.2
|
1,455.0
|
7.5%
|
5.0%
|
8.0%
|
73.8% |
| 1999 | 385.7
|
6,161.6
|
95.0
|
1,518.2
|
6.1%
|
3.7%
|
7.7%
|
72.4%
|
| 2000 | 415.7
|
6,495.1
|
104.8
|
1,636.8
|
5.4%
|
2.8%
|
9.0%
|
71.7%
|
| 2001 | 440.0
|
6,738.6
|
102.3
|
1,566.2
|
3.5%
|
2.4%
|
8.8%
|
79.1%
|
| 2002 | 461.1
|
6,923.8
|
90.3
|
1,355.3
|
3.2%
|
2.3%
|
10.1%
|
85.8%
|
| 2003 | 485.2
|
7,135.9
|
85.2
|
1,252.4
|
3.2%
|
3.4%
|
11.3%
|
97.1%
|
| 2004 | 518.7
|
7,484.3
|
82.9
|
1,195.6
|
4.1%
|
8.2%
|
10.5%
|
96.5%
|
| 2005 | 558.8
|
7,904.4
|
94.1
|
1,331.4
|
4.5%
|
8.7%
|
11.5%
|
98.3%
|
| 2006 | 615.5
|
8,525.1
|
112.9
|
1,563.7
|
6.8%
|
4.3%
|
10.9%
|
85.9%
|
| 2007 | 677.0
|
9,197.8
|
137.1
|
1,862.2
|
7.1%
|
10.9%
|
9.2%
|
76.3%
|
| 2008 | 739.3
|
9,831.2
|
170.8
|
2,271.2
|
7.2%
|
11.7%
|
8.7%
|
66.8%
|
| 2009 | 778.8
|
10,127.7
|
198.3
|
2,578.9
|
4.7%
|
16.2%
|
9.4%
|
69.5%
|
| 2010 | 828.8
|
10,530.5
|
230.0
|
2,922.8
|
5.1%
|
11.7%
|
9.2%
|
69.6%
|
| 2011 | 860.9
|
10,694.4
|
247.7
|
3,077.3
|
1.8%
|
11.1%
|
10.4%
|
72.8%
|
| 2012 | 958.7
|
11,620.1
|
278.8
|
3,379.0
|
2.2%
|
8.7%
|
12.4%
|
73.8%
|
| 2013 | 992.0
|
11,726.0
|
288.0
|
3,404.3
|
3.3%
|
6.9%
|
13.0%
|
84.0%
|
| 2014 | 985.3
|
11,350.9
|
305.6
|
3,520.4
|
2.9%
|
10.1%
|
13.4%
|
85.1%
|
| 2015 | 1,064.2
|
11,957.7
|
332.1
|
3,731.2
|
4.4%
|
11.0%
|
12.9%
|
88.3%
|
| 2016 | 1,057.1
|
11,616.3
|
332.5
|
3,653.7
|
4.3%
|
10.2%
|
12.7%
|
96.8%
|
| 2017 | 1,062.3
|
11,158.3
|
236.5
|
2,484.5
|
4.1%
|
23.5%
|
12.2%
|
103.0%
|
| 2018 | 1,145.4
|
11,796.5
|
250.3
|
2,577.3
|
5.3%
|
20.9%
|
10.9%
|
92.5%
|
| 2019 | 1,230.7
|
12,444.2
|
302.3
|
3,057.0
|
5.6%
|
13.9%
|
8.6%
|
84.2%
|
| 2020 | 1,290.0
|
12,823.3
|
364.0
|
3,618.5
|
3.6%
|
5.7%
|
8.3%
|
89.6%
|
| 2021 | 1,388.3
|
13,529.9
|
402.8
|
3,925.8
|
3.3%
|
4.5%
|
7.3%
|
93.5%
|
| 2022 | 1,562.4
|
14,927.5
|
435.6
|
4,162.1
|
5.9%
|
7.5%
|
6.9%
|
94.0%
|
| 2023 | 1,690.5
|
15,834.8
|
450.4
|
4,218.5
|
5.0%
|
11.0%
|
 6.9%
|
89.6%
|
| 2024 | 1,826.9
|
16,777.4
|
489.0
|
4,490.6
|
5.5%
|
7.4%
|
6.9%
|
88.2%
|
| 2025 | 1,971.8
|
17,752.9
|
535.8
|
4,824.4
|
5.8%
|
7.4%
|
6.8%
|
86.1%
|
| 2026 | 2,127.9
|
18,782.3
|
584.9
|
5,162.9
|
5.8%
|
7.4%
|
6.6%
|
83.6%
|
| 2027 | 2,298.2
|
19,888.2
|
638.1
|
5,522.3
|
5.9%
|
7.4%
|
6.4%
|
80.7%
|
Capital flows
[edit]International trade
[edit]Egypt’s international trade has long been a central pillar of its economy, constituting 40% of its GDP according to the World Bank. Over the years, the country has pursued greater economic integration through a series of free trade agreements, including those with the EU-Egypt Association Agreement and the African Continental Free Trade Area (AfCFTA).[50] The association agreement with the EU, in force since 2004, established a free-trade area by eliminating tariffs on industrial goods and facilitating agricultural trade. A subsequent agreement in 2010 expanded this arrangement to processed agricultural and fisheries products. The gradual reduction of customs duties has significantly strengthened economic ties, with bilateral trade between the EU and Egypt more than doubling from €11.8 billion in 2004 to €27.9 billion in 2017.[51]
The Pan-Arab Free Trade Area (PAFTA), signed by 17 Arab League members in 1981 and implemented in 1997, aims to enhance trade among Arab states by eliminating non-tariff barriers and gradually reducing tariffs. Originally planned to achieve full tariff removal by 2007, an Arab League summit in 2002 accelerated this timeline, establishing a zero-tariff trade zone by 2005 while granting preferential treatment to the least developed member states.[51]
Egypt's participation in the AfCFTA is expected to enhance its trade with African markets, expanding beyond its traditional partners in Europe and the Middle East. As part of the Guided Trade Initiative (GTI), Egypt is working to accelerate integration, with sectors such as renewable energy, pharmaceuticals, and textiles identified as potential areas of growth. While logistical challenges exist, Egypt’s established industrial base and supply chain networks may support greater regional trade and economic cooperation.[52]
Egypt also benefits from Qualified Industrial Zones (QIZs), which grant tariff-free access to U.S. markets for exports meeting predefined rules of origin. These zones offer cost advantages, exemption from non-tariff barriers, and access to Egypt’s large labor pool, attracting both local and foreign investors. Initially established in Alexandria, the Suez Canal, Greater Cairo, and the Central Delta, the program has since expanded to Minya and Beni Suef.[51]
Petroleum and natural gas have historically dominated both exports and imports, reflecting the country’s role as a regional energy hub. In addition to hydrocarbons, Egypt exports a diverse range of goods, including textiles, fertilizers, plastics, and agricultural products.[50]
Imports, meanwhile, are characterized by a high demand for intermediate and investment goods, reflecting the needs of the country’s industrial and infrastructure sectors. Essential commodities such as iron, steel, plastics, wheat, and pharmaceuticals also constitute a substantial share of inbound trade.[50]
Egypt's exports have seen significant growth in the past years, reaching $51.1 billion in 2023.[11] The Egyptian government has set a target to increase exports to $145 billion by 2030. A new export support program, expected to launch in early 2026, will focus on boosting competitiveness by enhancing the value of Egyptian products and offering incentives for small companies and start-ups. This system, alongside the settlement of overdue dues, aims to address challenges faced by exporters, ensuring fair support distribution and fostering investment[53]
Remittances
[edit]Remittances from Egyptians working abroad constitute a key source of hard currency for the Egyptian economy. The Minister of Emigration and Expatriate Affairs reported that the number of Egyptians living abroad has increased more than fivefold since 2013, rising from 2.7 million in 2013 to 14 million in 2023[54] and according to the Central Bank of Egypt (CBE), remittances reached $23.7 billion between January and October 2024, reflecting a 45.3% increase from $16.3 billion during the same period in 2023. [55]
Remittances recorded a decline during 2022/2023, when inflows dropped to $22.1 billion from a peak of $31.9 billion in 2021/2022, figures rebounded in 2024. This was attributed to global disruptions from the COVID-19 pandemic, exchange rate volatility, and geopolitical factors, including the Russian-Ukrainian war. The March 2024 economic measures, particularly the liberalization of exchange rates and increased interest rates on Egyptian pound and dollar-denominated savings instruments, played a key role in restoring remittance inflows to the formal banking system.[55]
As a result of this recovery, Egypt has moved from sixth to fifth place globally among the top remittance-receiving countries, ranking behind India, Mexico, China, and the Philippines. The sustained rise in remittances underscores their continued importance to Egypt’s economy and highlights the impact of recent economic policies on foreign currency inflows.[55]
The Egyptian government considers remittances from Egyptians abroad vital to the economy and aims to sustain their growth as part of its broader economic strategy. To that end, the government has introduced various measures to attract remittances, including offering dollar savings certificates with some of the highest interest rates globally, according to the Minister of Emigration and Expatriate Affairs. These efforts aim to bolster foreign currency inflows and integrate remittances into the formal banking system.[54]
Additional incentives include customs exemptions for cars imported for personal use, requiring a foreign currency deposit refundable in Egyptian pounds after five years at the prevailing exchange rate. The government has also introduced a final exemption from compulsory conscription for draft evaders or male students abroad over the age of 18, available for a fee of $5,000 or €5,000. Furthermore, the state has promoted real estate sales in foreign currency, offering land and property to Egyptians abroad and foreign investors.[54]
According to a study by the International Organization for Migration, most remittance-receiving households use the funds for daily expenses, but 20% portion is invested in real estate, small businesses, and other economic activities.[56]
Suez Canal
[edit]
The Suez Canal, a vital maritime passageway linking the Mediterranean Sea to the Red Sea, has played a crucial role in global trade since its completion in 1869. Constructed under the direction of Ferdinand de Lesseps, the canal provided a direct shipping route between Europe and Asia, significantly reducing travel time by bypassing the lengthy voyage around the Cape of Good Hope. Over the decades, the canal has undergone multiple expansions to accommodate the growing volume of global maritime trade. In 2021, more than 20,600 vessels passed through the canal, with an average of 56 ships per day.[57] To enhance its capacity, the Egyptian government launched an expansion project in 2014, widening key sections of the canal and nearly doubling its capacity from 49 to 97 ships per day.[58]
The New Suez Canal, inaugurated in 2015, introduced a parallel shipping lane and deepened sections of the original canal to accommodate larger vessels. The expansion aimed to reduce transit times from 18 to 11 hours and significantly cut waiting periods for ships. The project, costing about $8 billion[59], was financed exclusively through domestic investment, with Egyptians contributing via bank certificates of deposit yielding 12%, later raised to 15.5%.[60] The Armed Forces Engineering Authority played a major role in the excavation and construction of the expansion, which was completed in just one year.[61]
Beyond its role as a maritime corridor, the Suez Canal has become an economic hub, with the establishment of the Suez Canal Economic Zone (SCZONE). Encompassing 461 km² across Port Said, Ismailia, and Suez, the SCZONE offers zero customs rates to attract foreign investment. Major infrastructure projects within the zone focus on the development of East Port Said and Ain Sokhna, with planned expansions to West Port Said, El-Adabiya, Arish, and El Tor.[62] This initiative is part of a broader effort to transform the canal into a global trade and logistics center, with Egypt aiming to attract $30 billion in investment within five years.[63] The canal remains a critical global trade route, setting a record annual revenue of $9.4 billion in the fiscal year ending June 2023.[64]
Exchange rate policies
[edit]
Egypt's exchange rate policies have undergone significant transformations over the years, reflecting the nation's evolving economic strategies and challenges. In 1885, Egypt adopted the gold standard, introducing the Egyptian pound (jeneih) at E£1 = 7.4375 grams of fine gold. Pegged to the British gold sovereign, it maintained an exchange value of 97.5 piastres per pound sterling, replacing the Egyptian piastre (qersh) as the primary currency unit. This reform standardized foreign exchange rates by law and adjusted the Maria Theresa thaler to 21 piastres, while 20 piastres equaled 5 French francs.
With the outbreak of World War I, Egypt abandoned the gold standard and pegged its currency to the British pound at a fixed rate, which remained until 1962 when it shifted to the U.S. dollar.[65] In 1969, Egypt adopted a multiple exchange rate system to address two key challenges.[66] It helped mitigate the negative effects of an overvalued currency on external competitiveness while also managing the country's heavy reliance on workers’ remittances.[66]
By the 1980s, external shocks, including declining oil prices and rising debt, exposed the vulnerabilities of Egypt's economy. The government attempted exchange rate liberalization in 1987, reducing multiple exchange rates from five to three, implementing a gradual devaluation, and establishing a free exchange market. However, these measures proved insufficient due to Egypt's continued dependence on external revenues from oil, the Suez Canal, and remittances, and by the early 1990s, Egypt faced mounting fiscal deficits, inflation, and a balance of payments crisis. In response, the Economic Reform and Structural Adjustment Program was launched in 1991, backed by the IMF and World Bank. This program sought to unify exchange rates, liberalize trade, and reduce state intervention. The Egyptian pound was pegged to the U.S. dollar, supported by tight fiscal policies and high-interest rates. While this approach stabilized inflation and attracted capital inflows, it led to a gradual overvaluation of the currency, reducing competitiveness and straining foreign exchange reserves.[66]
The late 1990s and early 2000s saw growing pressure on the fixed exchange rate system due to external shocks, including the Asian financial crisis and declining oil prices.[66] By 2003, Egypt adopted a managed float, allowing greater currency flexibility while still maintaining central bank interventions.[67] However, persistent trade imbalances and political instability following the 2011 revolution led to renewed currency pressures. A foreign exchange black market sprung up, and by 2016, Egypt was forced to implement a full float of the pound under an IMF-backed reform program. The sharp devaluation that followed improved Egypt's external balance but also led to inflationary pressures.[68]
Despite claims by the Central Bank of Egypt that the currency remained free-floating, reports indicated that by 2018 the central bank was actively using state-owned banks to manage the pound’s value, effectively returning to a controlled exchange rate.[69] During the COVID-19 pandemic the country faced increasing pressure to allow further currency depreciation, skepticism grew over the long-term sustainability of these measures and their implications for economic stability.[69]
The pandemic severely impacted the country's primary sources of foreign currency, particularly tourism and the oil and gas industry.[70] Although both sectors began recovering in 2022, they struggled to return to pre-pandemic revenue levels by 2023 when the outbreak of war in Ukraine further strained Egypt's economic position, as Russian and Ukrainian tourists, who form a substantial portion of Egypt’s visitor base, were largely absent.[70] Additionally, the conflict led to sharp increases in global commodity prices, particularly wheat, which Egypt imports in large quantities. These factors contributed to a broader economic crisis characterized by a resurgence of the black market due to a shortage of U.S. dollars and other hard currencies.[70]
In 2024, Egypt addressed its latest currency crisis by floating the pound once again, abandoning both implicit and tacit measures to support the currency.[22] This lead to a depreciation of nearly 40% and a was followed by a record 600-basis-point interest rate hike. These measures facilitated an expanded $8 billion IMF loan, part of a broader $20 billion support package from European Union, the World Bank, Japan and the UK.[22] The currency stabilized and investor confidence improved, with Moody’s upgrading Egypt’s credit outlook and local stocks rallying. A pivotal element in this recovery was Egypt’s $35 billion investment deal with the UAE for the development of Ras El Hekma, the largest foreign investment in the country’s history.[22]
Natural resources
[edit]Arable land
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Practically all Egyptian agriculture takes place in some 42,000 square kilometres (10 million acres) of fertile soil in the Nile Valley and Delta.[71]
Warm weather and abundant water have historically allowed for the cultivation of multiple crops annually. However, since 2009, the growing issue of desertification has emerged as a significant challenge. According to Abdel Rahman Attia, a professor of agriculture at Cairo University, Egypt loses an estimated 11,736 hectares of agricultural land each year, leaving the nation's farmland vulnerable to potential destruction in the near future, as reported to IRIN.[72]
The Western Desert accounts for about two-thirds of the country's land area. For the most part, it is a massive sandy plateau marked by seven major depressions. One of these, Fayoum, was connected about 3,600 years ago to the Nile by canals. Today, it is an important irrigated agricultural area.
Egypt has long pursued land reclamation to address its limited arable land and growing population, with efforts dating back to the 1930s. Since then, 2.6 million feddan have been reclaimed, increasing agricultural land by 44%.[73] The latest initiative aims to reclaim 4.5 million feddan by 2027, nearly half of Egypt’s existing cultivated land. The largest of these projects, the New Delta Project, spans 2.2 million feddan, the project accounts for about 25% of the country’s historically reclaimed agricultural lands. The Future of Egypt, the first phase of this initiative, covers 1 million feddan and includes an industrial zone for agricultural industries.[74]
To provide water for the project, Egypt constructed the New Delta Wastewater Treatment Plant, the largest of its kind globally, as a key component of the country’s strategy to expand agricultural land and enhance water security.[75] With a daily capacity of 7.5 million cubic meters, the plant supports irrigation efforts and mitigates pollution in Lake Mariout and the Mediterranean Sea.[75]
Additionally, the Toshka Project, initiated in the 1990s, was revived under President El-Sisi’s administration. This initiative aims to reclaim 1.5 million feddan[76] in the Western Desert using water from Lake Nasser, transported via the Sheikh Zayed Canal.[77]
Acquisition and ownership of desert land in Egypt is governed by so-called "Egyptian Desert Land Law". It defines desert land as the land two kilometers outside the border of the city.
Water resources
[edit]
"Egypt", wrote the Greek historian Herodotus 25 centuries ago, "is the gift of the Nile." The land's seemingly inexhaustible resources of water and soil carried by this mighty river created in the Nile Valley and Delta the world's most extensive oasis. Without the Nile River, Egypt would be little more than a desert wasteland.
The river carves a narrow, cultivated floodplain, never more than 20 kilometers wide, as it travels northward toward Cairo from Lake Nasser on the Sudanese border, behind the Aswan High Dam. Just north of Cairo, the Nile spreads out over what was once a broad estuary that has been filled by riverine deposits to form a fertile delta about 250 kilometers (160 mi) wide at the seaward base and about 160 kilometers (99 mi) from south to north.
Before the construction of dams on the Nile, particularly the Aswan High Dam (started in 1960, completed in 1970), the fertility of the Nile Valley was sustained by the water flow and the silt deposited by the annual flood. Sediment is now obstructed by the dam and retained in Lake Nasser. The interruption of yearly, natural fertilization and the increasing salinity of the soil has been a manageable problem resulting from the dam. The benefits remain impressive: more intensive farming on thousands of square kilometers of land made possible by improved irrigation, prevention of flood damage, and the generation of millions of gigajoules of electricity at low cost.
In 1996, the level of water behind the Aswan High Dam, in Lake Nasser, reached the maximum level since the completion of the dam. Despite this abundance of water supply in the dam's reservoir, Egypt can only release 55.5 billion cu m (1.96 trillion cu ft) every year, according to the Nile Basin Agreement signed in 1959 between Egypt and Sudan.
Groundwater
[edit]The rain falling on the coast of the southern regions are the main source of recharge of the main reservoir. There is a free-floating layer of the reservoir water on top of sea water up to a distance of 20 km south of the Mediterranean Sea. The majority of wells in the coastal plain depend on the water level in the main reservoir. The coastal water supply comes from water percolating through the coastal sand and water runoff from the south. This low salinity water is used for many purposes.
Mineral and energy resources
[edit]
Egypt's mineral and energy resources include petroleum, natural gas, phosphates, gold and iron ore. Crude oil is found primarily in the Gulf of Suez and in the Western Desert. Natural gas is found mainly in the Nile Delta, off the Mediterranean shore, and in the Western Desert.
Over the last 15 years, more than 180 petroleum exploration agreements have been signed and multinational oil companies spent more than US$27 billion in exploration companions. These activities led to the findings of about 18 crude oil fields and 16 natural gas fields in FY 2001. The total number of findings rose to 49 in FY 2005. As a result of these findings, crude oil reserves as of 2009 are estimated at 3.7 billion barrels (590,000,000 m3), and proven natural gas reserves are 1.656 trillion cubic meters with likely additional discoveries with more exploration campaigns.
In August 2007, it was announced that signs of oil reserves in Kom Ombo basin, about 28 miles (45 km) north of Aswan, was found and a concession agreement was signed with Centorion Energy International for drilling. The main natural gas producer in Egypt is the International Egyptian Oilfield Company (IEOC), a branch of Italian Eni. Other companies including BP, APA Corporation and Royal Dutch Shell carry out activities of exploration and production by means of concessions granted for a period of generally ample time (often 20 years) and in different geographic zones of oil and gas deposits in the country.
Main economic sectors
[edit]Agricultural sector
[edit]Irrigation
[edit]
Irrigation plays a major role in a country the very livelihood of which depends upon a single river, the Nile. The most ambitious of all irrigation projects was the Aswan High Dam, completed in 1971. A report from the National Council for Production and Economic Affairs in March 1975 reflected the dam's success in regulating floodwaters and providing a reliable water supply. However, it was noted that water consumption had exceeded expectations, and measures to control this were being considered. Some fertile land was lost due to the cessation of the flow of Nile silt, and increasing salinity presented challenges. Additionally, a period of drought in the Ethiopia highlands, the source of the Nile's waters, caused the level of Lake Nasser, the dam's reservoir, to reach its lowest point in 1987.[78][79]
In the 1970s, despite considerable investments in land reclamation, agriculture gradually lost its place as the primary sector of the economy. Agricultural exports, which accounted for 87% of Egypt’s merchandise export value in 1960, had declined to 35% by 1974 and 11% by 2001. By 2000, agriculture contributed 17% to the nation’s GDP and employed 34% of the workforce.[80][needs update]
In 2010 Egypt's fertile area totaled about 3.6 million hectares (8.9 million acres), about one-quarter of which has been reclaimed from the desert after the construction of the Aswan High Dam.[81] The government aims to increase this number to 4.8 million hectares by 2030 through additional land reclamation.[81] Even though only 3 percent of the land is arable, it is extremely productive and can be cropped two or even three times annually. However, the reclaimed lands only add 7 percent to the total value of agricultural production.[citation needed] Surface irrigation is forbidden by law in reclaimed lands and is only used in the Nile Valley and the Delta, the use of pressurized irrigation and localized irrigation is compulsory in other parts of the country.[81] Most land is cropped at least twice a year, but agricultural productivity is limited by salinity which in 2011 affected 25% of irrigated agriculture to varying degrees.[81] This is mainly caused by insufficient drainage as well as seawater intrusion in aquifers as a result of over-extraction of groundwater, the latter primarily affects the Nile Delta.[81] Thanks to the installation of drainage systems a reduction in salinized areas from about 1.2 million hectares in 1972 to 900 000 hectares in 2010 was achieved.[81]
Crops
[edit]
According to 2022 statistics from the Food and Agriculture Organization of the United Nations, Egypt is the world's largest producer of dates and artichokes; the second largest producer of figs and fava beans; the third largest producer of onions, eggplants, and rabbit meat; the fourth largest producer of strawberries, garlic, buffalo and goose meat as well as the fifth largest producer of buffalo milk, tomatoes and watermelon.[82]
Cotton has long been a primary exported cash crop, but it is no longer vital as an export. Egypt is a substantial producer of wheat, maize, sugarcane, fruit and vegetables, fodder,[83] and rice; but also needs to import significant quantities of wheat and maize, primarily from Ukraine and Russia, despite yield increases since 1970. This is largely due to high domestic demand, driven by subsidies and a culinary preference for bread, alongside Egypt’s limited arable land and a focus on cultivating high-value export crops such as vegetables. Egypt exports rice but this can vary periodically based on government regulations, which are influenced by water and land use considerations.[citation needed]
| Item[84] | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Wheat | ||||||||||||
| Production | 8,400 | 8,500 | 8,250 | 8,300 | 8,100 | 8,100 | 8,450 | 8,450 | 8,770 | 8,900 | 9,000 | 9,800 |
| Imports | 11,650 | 8,400 | 10,150 | 11,300 | 11,925 | 11,181 | 12,407 | 12,354 | 12,811 | 12,149 | 12,000 | 11,000 |
| Total consumption | 18,600 | 18,700 | 18,500 | 19,100 | 19,200 | 19,400 | 19,800 | 20,100 | 20,300 | 20,600 | 20,500 | 20,600 |
| Maize | ||||||||||||
| Production | 5,500 | 5,800 | 5,800 | 5,960 | 6,000 | 6,000 | 6,400 | 6,800 | 6,400 | 6,400 | 7,440 | 7,440 |
| Imports | 7,154 | 5,059 | 8,791 | 7,839 | 8,722 | 8,773 | 9,464 | 9,367 | 10,432 | 9,633 | 9,200 | 9,200 |
| Total consumption | 11,700 | 12,000 | 13,200 | 13,900 | 14,850 | 15,100 | 15,900 | 16,200 | 16,900 | 16,400 | 16,400 | 16,400 |
Land is worked intensively and yields are high. Increasingly, modern techniques are applied to producing fruits, vegetables and flowers, in addition to cotton, for export. Further improvement is possible. The most common traditional farms occupy 0.40 hectares (1 acre) each, typically in a canal-irrigated area along the banks of the Nile. Many small farmers also own cows, water buffalos, and chickens. Between 1953 and 1971, some farms were collectivised, especially in Upper Egypt and parts of the Nile Delta.
Cacti, particularly cactus pears, are widely cultivated across Egypt, including Sinai, and extend into neighboring countries. Introduced during the Columbian Exchange, they have become a significant crop in the region.[91]
The government exercises a strong degree of control over agriculture, usually through financial incentives and export bans, not only to ensure the best use of irrigation water but also to confine the planting of water intensive crops like cotton in favor of food grains. However, the government's ability to achieve this objective is limited by crop rotational constraints.[92]
Land ownership
[edit]
The agrarian reform law of 1952 provided that no one might hold more than 200 feddans, that is, 84 hectares (210 acres) (1 Egyptian feddan=0.42 hectares=1.038 acres), for farming, and that each landholder must either farm the land himself or rent it under specified conditions. Up to 100 additional feddans might be held if the owner had children, and additional land had to be sold to the government. In 1961, the upper limit of landholding was reduced to 100 feddans, and no person was allowed to lease more than 50 feddans. Compensation to the former owners was in bonds bearing a low rate of interest, redeemable within 40 years. A law enacted in 1969 reduced landholdings by one person to 50 feddans.[citation needed][93]
By the mid-1980s, 90% of all land titles were for holdings of less than five feddans (2.1 hectares (5.2 acres)), and about 300,000 families, or 8% of the rural population, had received land under the agrarian reform program. According to a 1990 agricultural census, there were some three million small land holdings, almost 96% of which were under five feddans. As these small landholdings restricted the ability of farmers to use modern machinery and agricultural techniques that improve and take advantage of economies of scale, there have since the late 1980s been many reforms attempting to deregulate agriculture by liberalizing input and output prices and eliminating crop area controls. As a result, the gap between world and domestic prices for Egyptian agricultural commodities has been closed.[citation needed]
Climate change
[edit]Even without the impacts of climate change, Egypt's arid climate makes it vulnerable for water scarcity and food scarcity. Most of Egypt does not receive much rain, thus all of its agricultural production is around the Nile River. The population of Egypt is increasing, therefore the country will require more food and water.[94][95][96] Agriculture is important to the Egyptian economy, making up 11.3% of the GDP and providing 28% of jobs.[97] However, climate change is creating challenges for the agricultural sector. One concern is decreasing crop production. Due to heat stress, water stress, and salinity, food crop yields are projected to decline by 10% by 2050.[98] The crops with the largest yield declines are expected to be maize, oilseeds, sugarcrops and fruits and vegetables.
Egypt is dependent on global markets for wheat imports and food security.[98] Egypt consumes 20.5 million tonnes of wheat a year, half of which is produced domestically with the remaining half supplied from imports.[99] However, wheat yields in Egypt are expected to reduce nearly 20% by 2060.[100] Other impacts of climate change on agriculture include reduced water availability, increased pests and diseases, and a shorter growing period in some places.[101] Prices for imported food will increase as a result of climate change due to global declines in crop production.[98] Hotter temperatures and increased drought will also impact livestock, including cows and chickens. Heat and water stress reduces milk yield and quality, egg yield, and animals’ reproductive capacity. Given increases in the human populations and decreases in milk production, models predict that milk availability will decrease by 40 kg per person by 2064.[102] Together, these climate change impacts on agriculture will threaten food security in Egypt.Industrial sector
[edit]Chemical products
[edit]
The chemical industry in Egypt is one of the country’s largest, comprising seven key subsectors: plastics, rubber, paper, detergents, paints, miscellaneous chemicals, fertilizers, and glass. The petrochemical segment alone accounts for approximately 12% of Egypt's industrial output, with an annual value of around US$7 billion.[103]
The sector is forecast to generate $9 billion in exports by the end of 2024, with growth supported by abundant raw materials and foreign investments. The government aims to enhance competitiveness by focusing on infrastructure, technological advancements, and export incentives. The sector also benefits from Egypt’s participation in regional trade agreements, helping to further expand its export market and strengthen its global position.[104]
Abu Qir Fertilizers Company is one of Egypt and the MENA region's largest nitrogen fertilizer producers, accounting for nearly 50% of Egypt's nitrogen fertilizer output. Established in 1976, its first ammonia-urea production facility is located in Abu Qir, 20 kilometers east of Alexandria. Egypt Basic Industries Corporation (EBIC) is also a leading ammonia producer in the country.[105]
Consumer electronics and home appliances
[edit]Egypt's consumer electronics and home appliance industry has witnessed significant expansion, driven by government initiatives and foreign investments. The "Egypt Makes Electronics" initiative, launched in 2015, aims to localize manufacturing, reduce imports, and boost exports. It has attracted major players like Samsung, Hisense, Beko, and Haier, who have established production facilities in Egypt, benefiting from tax incentives and golden licenses. The country’s strategic location, competitive labor costs, and growing consumer market have positioned it as a key regional manufacturing and export hub.[106] [107]
The home appliance industry, valued at EGP 126.7 billion in 2021, is seeing increased localization, with some manufacturers already sourcing 70% of components domestically. The mobile phone segment has also expanded, with brands like Vivo, Infinix, and Oppo setting up local factories. However, challenges persist, particularly in accessing raw materials, navigating bureaucratic hurdles, and securing timely export subsidies. The easing of foreign currency restrictions and policy adjustments have alleviated some constraints, fostering a more favorable investment climate.[106][107] Electrolux, which entered the Egyptian market by acquiring local Olympic Group, also aims to expand its market share and boost exports, capitalizing on the strong local presence of its brands, particularly Zanussi and Olympic Electric.[108]
Despite challenges, Egypt’s electronics and home appliance sector continues to grow, with international investors increasingly viewing it as a reliable manufacturing base. Rising local production has reduced import dependency while creating jobs and strengthening supply chains. If current trends continue, with improvements in raw material availability and regulatory efficiency, Egypt could solidify its role as a leading producer and exporter in the region’s electronics and home appliance market.[106][107]
Gold
[edit]Gold mining in Egypt's Red Sea region has developed into a fast-growing industry, driven by vast untapped reserves. In an effort to establish a modern mining sector, the Egyptian government launched its first international bid round, awarding mineral concessions to attract investment. This marked a significant shift in policy, encouraging private sector participation in a historically state-dominated industry. Among the early participants were AngloGold Ashanti and Alexander Nubia International, both of which reported promising technical results in their exploration efforts.[109][110]
The Sukari mine, located in the Sukari Hills near Marsa Alam, became Egypt’s first large-scale modern gold production facility. The government granted a concession to Centamin in 2005, awarding the company an exploitation lease covering 160 square kilometers. Sukari quickly became Egypt’s largest gold mining operation, representing a turning point in the country’s efforts to commercialize its gold resources.[111]
Egypt has since launched a comprehensive modernization initiative to enhance its mining sector, aiming to increase its contribution to GDP to 5–6% by 2030. The government has announced a series of structural reforms designed to attract investment, improve efficiency, and align Egypt’s mining framework with international standards. A key component of this initiative is the transformation of the Mineral Resources Authority into an economic entity, intended to streamline operations and enhance sector governance. Additionally, the removal of bureaucratic barriers and the development of new investment models for gold exploitation are central to the government’s strategy.[112]
As part of the digital transformation of Egypt’s mining industry, the government plans to launch a Digital Mining Platform in early 2025. This platform aims to increase transparency, facilitate investor engagement, and improve regulatory oversight. By leveraging digital technologies, Egypt seeks to enhance the efficiency of mineral exploration and licensing processes, reducing delays and creating a more investor-friendly environment.[113]
These reforms have contributed to a surge in gold exports, with official data indicating that Egypt’s gold exports reached $2.17 billion in the first nine months of 2024, nearly doubling from $1.11 billion during the same period in 2023. With continued government support and strategic reforms, Egypt aims to become one of the top 10 gold exporters globally by 2027.[114]
Iron and steel
[edit]Egypt's iron and steel industry has played a crucial role in the nation's economic development, with a history dating back to 1936. Over the decades, the sector has expanded through state-owned enterprises and private firms, becoming a key driver of industrial growth and employment. In 2022, Egypt emerged as Africa’s leading steel producer, second-largest in MENA and 20th globally, with an output of 9.8 million tons.[115] EZDK is the largest steel company in Egypt and the Middle East, today part of Ezz Industries. It owns four steel plants in Alexandria, Sadat, Suez and 10th of Ramadan. It was ranked 77th on the list of the world's largest steel companies by the World Steel Association in 2020, with a production of 4.57 million tons.[116]
In 2023 exports of reinforced steel surged more than threefold, reaching 1.54 million tons compared to 523,000 tons in the previous year. At the same time, crude steel production grew by 6% to 10.4 million tons, supported by increased exports, particularly in hot-rolled coil.[117]
Domestic consumption of steel products has steadily increased, reflecting the industry's importance to infrastructure and construction projects. However, the sector faces challenges, including outdated production technologies and competition from lower-cost imports, particularly from Turkey, China, and Ukraine. The government has implemented policies to support the industry, including trade protections and incentives to attract investment. Forecasts indicate a steady growth rate of 1.5% annually over the next decade, driven by Egypt’s expanding infrastructure projects and strategic geographic position as a trade hub. Nevertheless, competition from regional producers[115]
Motor vehicles
[edit]
El Nasr Automotive Manufacturing Company is Egypt’s state-owned automobile manufacturer, established in 1960 in Helwan. The company began operations in 1962, producing a variety of vehicles under license from international brands such as Zastava Automobili, Daimler AG, Kia, and Peugeot. Its current offerings include the Jeep Cherokee, the Jeep AAV TJL (based on the Wrangler), the Kia Spectra, and the Peugeot 405 and Peugeot 406.[118]
Other key manufacturers in Egypt include Arab American Vehicles, Egy-Tech Engineering, Ghabbour Group, WAMCO, and MCV. Founded in 1994, MCV represents Mercedes-Benz in the commercial vehicle sector, producing buses and trucks for both the local market and export. The company’s factory in El Salheya employs approximately 2,500 workers.[119]
The government of Egypt has devised a national automotive industry strategy for 2024-2030 designed to significantly increase domestic vehicle production, with a target of producing between 400,000 and 500,000 vehicles annually. The plan includes exporting 25% of this output, equating to approximately 100,000 to 125,000 vehicles per year. This strategy aims to generate $4 billion in annual revenue and enhance Egypt's position on the global vehicle manufacturing map. Under this strategy, many local companies have sought international partnerships to establish factories in Egypt, like Ezz Elarab Group and El Sewedy Electric with Indonesia’s Proton Holdings. Nissan Motor Egypt also plans to expand its current production in Egypt with additional models such as a new economy-class vehicle. Additionally, Chinese automaker Exeed, in cooperation with Egyptian-German Automotive has begun assembling vehicles in 6th of October City.[120]
A major component of Egypt's automotive strategy is the focus on electric vehicles (EVs). The country plans to launch local EV production in 2025, and has already begun collaborating with international companies to transfer EV production lines to Egypt. These efforts aim to integrate EVs into public transportation, including the rollout of e-taxis in collaboration with Chinese firms and Nasr Auto. By 2025, the company plans to launch its first trial production of passenger EVs. The government’s push for EVs also reflects a broader initiative to create automotive cities and manufacturing hubs, focusing on local production of essential vehicle components, which are expected to drive further expansion in both domestic and export markets.[120]
Textiles and clothing
[edit]Textiles and clothing is one of the largest manufacturing and exporting processes in the country and a huge employment absorber. The Egyptian apparel industry is attractive for two reasons. Firstly, its proximity to European markets, whose rapidly changing fashions require quick replenishment. Egypt's geographical proximity to style-conscious Europe is a logistical advantage. Secondly, the production of garments is a low-capital and high-labor-intensive industry, and the local population of 66 million provides a ready workforce as well as a natural local consumer market that acts as a springboard for exports.[121]
The textile industry accounts for a signficant chunk of Egypt’s non-oil export revenues, with cotton textiles making up the majority of the country's textile and clothing exports. The public sector dominates the industry, controlling 90% of cotton spinning, 60% of fabric production, and 30% of apparel manufacturing. Misr Spinning and Weaving Company stands as the largest enterprise of its kind in Africa and the Middle East. Meanwhile, Egypt's private apparel sector remains one of the most dynamic areas of manufacturing.[citation needed]
The requirements of importers to Egypt of textiles and leather products were set out in the Egyptian Ministerial decrees 626/2011 and 660/2011. The Egyptian trade oversight agency, the General Organization for Export and Import Control (GOEIC), demanded in June 2012 that an inspection certificate accompany each shipment, unless the importer is pre-registered with the GOEIC. The Ministerial Decrees demand that imported goods certify their compliance with the mandatory quality and safety standards of Egypt.[122]
As Turkey's textile industry faces increasing economic pressures, including inflation, rising wages, and declining export competitiveness, a growing trend has emerged where Turkish textile companies are relocating their operations to Egypt. With over 200 Turkish factories now established in Egypt, the shift is driven by significantly lower production costs in Egypt, where labor expenses are a fraction of those in Turkey. This movement is further encouraged by European clothing brands pushing for cost-effective production options.[123]
Energy sector
[edit]Electricity
[edit]
Egypt suffered blackouts during the summer of 2014 that lasted for up to six hours per day. A rapid series of reforms cut energy subsidies, and Egypt quickly developed the Zohr gas field in the Mediterranean, which was discovered in 2015. The country now has an oversupply of electricity and aims to source 20% of its electricity from renewables by 2022 and 55% by 2050.[25]
As part of its renewable energy strategy, Egypt has undertaken large-scale projects like the Benban Solar Park and the Gabal El Zeit wind farm. Benban, located near Aswan, has a total capacity of 1650 MW and generates about 3.8 TWh annually, making it the fourth-largest solar power plant globally. Additionally, the Gabal El Zeit wind farm, costing €340 million, spans 100 square kilometers with 300 turbines, generating 580 MW of electricity.[124][125][126]
Egypt and Cyprus are considering implementing the proposed EuroAfrica Interconnector project.[127][128][129][130][131] This consists of laying a 2 GW HVDC undersea power cable between them and between Cyprus and Greece, thus connecting Egypt to the greater European power grid.[129] The interconnector will make Egypt an electricity hub between Europe and Africa.[citation needed] The presidents of Egypt, Cyprus and the prime minister of met in Nicosia on 21 November 2017 and showed their full support for the EuroAfrica Interconnector pointing out its importance for energy security of the three countries.[132][133][134][135]
On 29 October 2007, Egypt's president, Hosni Mubarak gave the go-ahead for building several nuclear power plants, but this failed to take off under his leadership. On November 19, 2015 Egypt and Russia signed an initial agreement, under which Russia will build and finance Egypt’s first nuclear power plant. In December 2017 preliminary contracts for the construction of four VVER-1200 units were signed in the presence of Egyptian President Abdel Fattah el-Sisi and Russian President Vladimir Putin.[136] Rosatom will build the plant, and supply Russian nuclear fuel for its entire life cycle.[137]
The Nuclear Power Plants Authority (NPPA) submitted applications for construction permits for units 1 and 2 in June 2021, and applications for units 3 and 4 in December 2021.[137] The permit for unit 1 was issued by the Egyptian Nuclear and Radiological Regulatory Authority (ENRRA) in June 2022.[137] First safety-related concrete was poured in July 2022.[138] In October 2022, ENRRA gave construction approval for unit 2,[139] whose construction started on 19 November.[140]
Hydrocarbons
[edit]
The Egyptian government has long prioritized the expansion of Egypt’s petrochemical industry and the increase of natural gas exports as part of its strategic energy policies. By 2009, approximately 38% of locally produced natural gas was allocated for export.
Egypt's crude oil production experienced a steady decline after peaking in 1993, when output reached 941,000 bbl/d (149,600 m3/d). By 1997, production had dropped to 873,000 bbl/d (138,800 m3/d), and by 2005, it had declined further to 696,000 bbl/d (110,700 m3/d). Meanwhile, domestic oil consumption rose steadily, reaching 697,000 bbl/d (110,800 m3/d) by 2008. The widening gap between production and consumption led Egypt to transition into a net oil importer by 2008–2009. In response, the government sought to increase natural gas exploration and production, viewing it as a more sustainable alternative. By 2008, natural gas output had grown significantly, reaching 48.3 billion cubic meters, while crude oil production had fallen to 630,000 bbl/d (100,000 m3/d).[142]
In 2014, the Egyptian government shifted its energy policy, prioritizing domestic consumption over exports. As a result, gas supplies to international markets declined significantly. During this period, Egypt also signed agreements to import natural gas, including a memorandum of understanding with Israel to source 7 billion cubic meters annually from the Leviathan field over 15 years, transported via an underwater pipeline.[143]
In March 2015, BP announced a $12 billion investment in natural gas development in Egypt, focusing primarily on domestic energy production. A significant portion of this investment was allocated to the West Nile Delta project, which encompasses five offshore gas fields and has become a key component of Egypt’s natural gas supply, producing nearly 1 billion cubic feet per day (bcf/d).[144] BP also developed the Atoll field, which began production in 2018 under PhPC and currently delivers approximately 300 million standard cubic feet per day (mmscfd) to Egypt’s national gas grid. Additionally, the company expanded its operations in the North Damietta concession, where production from the Qattameya discovery commenced in 2020.[145]
The Zohr gas field, located approximately 190 kilometers north of Port Said in the Shorouk Block, is the largest natural gas discovery in the Mediterranean Sea. Discovered by Eni in August 2015, Zohr holds an estimated 30 trillion cubic feet of natural gas across 100 square kilometers. Production commenced in December 2017, just over two years after discovery, a record time for a deepwater field of its scale. By August 2019, output had reached 2.7 billion cubic feet per day.[146]
In recent years, however, Egypt’s natural gas production has declined, largely due to technical challenges at Zohr. This downturn has resulted in under-met domestic demand and increased reliance on imports. To mitigate these effects, Egypt has secured agreements with Cyprus to import gas from the Cronos and Aphrodite fields, transporting it via pipeline to liquefaction plants in Idku and Damietta for re-export to Europe as LNG. These deals grant Egypt the right of first refusal, allowing it to either purchase the gas for domestic use or resell it internationally. Meanwhile, Egypt is working to revitalize Zohr’s output by drilling new wells, with plans to increase production by 220 million cubic feet per day.[147]
Construction sector
[edit]Egypt's construction and contracting industry has a market size projected to rise from USD 55.04 billion in 2025 to USD 82.34 billion by 2030, reflecting an annual growth rate of 8.4%. The sector accounts for approximately 14% of Egypt’s GDP, driven by significant government investments and foreign interest, particularly from Gulf sovereign wealth funds. Real estate development has been a key beneficiary of this investment influx, with USD 20 billion in total real estate investments recorded in Cairo in 2022 alone, primarily in the residential sector. Additionally, the introduction of real estate trading on the Egyptian Exchange (EGX) and the establishment of a real estate fund have diversified investment channels.[148]
The Egyptian government has prioritized infrastructure expansion, spearheading major transportation and energy projects that are reshaping the country’s construction landscape. Notable developments include the Cairo Metro Line 3 and 4, the two-line Cairo Monorail, and a high-speed rail network. These initiatives are complemented by large-scale energy projects, including nuclear power facilities and various renewable energy developments.[148]
Among the most ambitious projects is the proposed new capital of Egypt, a large-scale megaproject under construction since 2015. It was announced by then-Egyptian housing minister Moustafa Madbouly at the Egypt Economic Development Conference on 13 March 2015.[149] Another significant urban development is New Alamein, a city currently under construction on Egypt’s north coast, planned over an area of 48,000 feddans. It is one of the fourth-generation cities being built in Egypt[150]
Residential construction remains the dominant segment within the industry, commanding a 37% market share in 2024. The sector is bolstered by Egypt’s young and expanding population, alongside government policies promoting homeownership. Simultaneously, industrial construction has emerged as the fastest-growing segment, expected to expand at an annual rate of 12% between 2024 and 2029 due to rising foreign direct investment in manufacturing and petrochemical industries. The government's strategy to develop specialized industrial zones has further accelerated this growth.[148]
The Egyptian construction market is characterized by strong local players such as Hassan Allam Construction, Dorra Holding, Arab Contractors, Orascom Construction, and SIAC Industrial Construction & Engineering.[148]
Services sector
[edit]Banking
[edit]The Central Bank of Egypt is the national reserve bank and controls and regulates the financial market and the Egyptian pound. Egypt's banking system has undergone major reforms since the 1990s and today consumers are faced with a liberalized and modernized system which is supervised and regulated according to internationally accepted standards.
By late 2024, the total assets of Egyptian banks reached approximately 21 trillion Egyptian pounds (around USD 420 billion), marking substantial growth since 2004, when bank assets stood at EGP 633 billion (equivalent to USD 101 billion at the 2004 exchange rate).[151]
The Central Bank of Egypt has reported significant progress in financial inclusion, with 74.8% of Egyptians aged 15 and above actively using financial accounts. By the end of 2024, approximately 52 million Egyptians were managing their finances through banks[152], Egypt Post, mobile wallets like Vodafone Cash, Flous, MobiCash, and NBE PhoneCash, or prepaid cards like Meeza.
Financial inclusion among women has notably increased, with 23.3 million women holding active accounts by the end of 2024. This marks a 295% growth since 2016, raising the financial inclusion rate for women to 68.8%. The expansion has been driven by policies and initiatives aimed at empowering women financially.[153]
The financial inclusion rate for youth (aged 15 to 35) has also seen substantial growth, reaching 53.1%, a 65% increase from 2020 to 2024. This rise is attributed to targeted policies designed to enhance youth participation in Egypt’s formal financial sector.[153]
The banking sector has gone through many stages since the establishment of the first bank in 1856, followed by the emergence of private sector and joint venture banks during the period of the Open Door Policy in the 1970s. Moreover, the Egyptian banking sector has been undergoing reforms, privatization, and mergers and acquisitions from 1991 up to today.[154]
Although private and joint venture banks are growing, many remain relatively small with few branch networks. State-owned commercial banks still rank among the top lenders in Egypt's banking sector.[155] Over the past decades, European banks have been exiting Egypt's financial sector. For instance, France's Société Générale sold National Société Générale Bank to Qatar National Bank (QNB) in 2012 which has been rebranded as QNB Al Ahli.[156]
Egypt's fintech sector has grown 5.5-fold since 2020, reaching 177 startups and ranking 10th among emerging markets. A report by Entlaq, in partnership with the Netherlands Enterprise Agency (RVO) and the Dutch Embassy in Egypt, attributes this growth to advancements in digital payments, lending platforms, and B2B marketplaces, supported by government policies on financial inclusion and digitization.[153]
With over 60% of the population under the age of 30, youth are driving fintech adoption, aided by initiatives like FinYology and NilePreneurs. However, cybersecurity risks, regulatory gaps, and digital literacy disparities pose challenges. The report calls for broadband expansion and stronger fintech-bank collaboration to sustain growth.[153]
Finance
[edit]The origins of Egypt's stock exchange date back to 1883 with the establishment of the first futures market in Alexandria. In 1902, the Brokers' Syndicate was formed, introducing the first set of regulations governing stock market activities.[157]
Today, the Egyptian Exchange (EGX) comprises the Cairo and Alexandria stock exchanges, operating under a unified trading, clearing, and settlement system. It serves as the primary platform for equities, bonds, and financial instruments in Egypt. The exchange has undergone multiple phases of reform, including privatization initiatives, regulatory adjustments, and structural enhancements to improve market liquidity and attract foreign investment.[158]
Egypt’s stock market has experienced fluctuations due to global economic conditions, foreign capital flows, and domestic policy changes. Periods of IPO activity and privatization efforts have contributed to market expansion, while external shocks, such as global financial downturns and geopolitical events, have periodically impacted performance. Government-led reforms have included revisions to listing rules, the introduction of sectoral indices, and measures to increase market depth, such as the establishment of a treasury bonds index and approval for special purpose acquisition companies. Plans for further market development include the launch of EGYCOMEX, the Egyptian Commodities Exchange, and the introduction of derivatives trading, both aimed at diversifying financial instruments and strengthening Egypt’s position as a regional financial hub.[158]
ICT and communications
[edit]
The liberalization of Egypt’s telecommunications sector began in 1998 and progressed gradually over the following decades. The private sector played an increasing role in mobile telephony and internet services, contributing to the sector’s expansion. In 2004, the Information Technology Industry Development Agency (ITIDA) was established under Law 15 to support Egypt’s digital transformation. ITIDA was tasked with implementing e-signature legislation and promoting an export-oriented IT sector. Over the years, it played a critical role in advancing e-business services, facilitating digital security measures, and supporting Egypt’s ICT-driven economic development.[159][160]
The market underwent official deregulation in 2006 following Egypt’s commitment to the World Trade Organization Information Technology Agreement in 2003. This move aimed to open the telecommunications market, encourage competition, and attract foreign investment.[161] In 2007, Egypt had approximately 10 million fixed phone lines, 31 million mobile phones, and 8.1 million internet users. [162]
Egypt's ICT sector has experienced significant growth in recent years, consistently outpacing the nation's overall economic expansion. In the fiscal year 2022/2023, the sector achieved a growth rate of 15.2%, contributing 5.1% to Egypt's Gross Domestic Product (GDP). This marks an increase from a 4.4% contribution in 2019/2020. Total investments in the ICT sector reached approximately $4.2 billion in 2022/2023, reflecting a 20% increase from the previous fiscal year.[163]
The telecommunications segment has benefited from effective competition and progressive government policies aimed at comprehensive digital transformation. A liberal regulatory environment permits operators to offer both fixed-line and mobile services under unified licenses. Major players in the market include Telecom Egypt, Vodafone, Orange, Etisalat Egypt, and Ericsson.[164]
Looking ahead, the Egypt ICT market is projected to grow from an estimated $23.60 billion in 2025 to $53.11 billion by 2030, at a compound annual growth rate of 17.61%. This expansion is driven by rising government investments, increasing internet and mobile penetration, a burgeoning tech startup ecosystem, and ongoing technological advancements. The government's commitment to digital transformation and infrastructure development positions Egypt's ICT sector as a pivotal contributor to the nation's economic growth and modernization efforts. [165]
In line with the Egypt Vision 2030 strategy, the country has launched the Digital Egypt initiative, aiming to transform the nation into a digitally-driven society. This comprehensive plan focuses on developing robust digital infrastructure, fostering innovation, and enhancing public services through digital means. A key component of this initiative is the Digital Egypt e-platform, which offers citizens access to a wide range of government services online, including traffic management, real estate registration, and social housing applications. The platform's goal is to streamline service delivery, reduce bureaucratic hurdles, and promote transparency within governmental operations.[166]
Complementing the Digital Egypt initiative are various e-government programs designed to modernize public administration and improve service accessibility. The government has prioritized the digital transformation of public services, resulting in the integration of approximately 33,000 institutions into a secured government network. This network facilitates efficient data exchange between agencies, enhancing coordination and service delivery. Additionally, efforts have been made to train civil servants in digital competencies, ensuring the sustainability and effectiveness of e-government services. These initiatives collectively aim to create a more citizen-centric approach to governance, leveraging technology to meet the evolving needs of the population.[167]
Between 2019 and 2022, mobile internet subscriptions rose by 77.9 percent, from 39 million to 69.4 million. By December 2023, mobile subscriptions reached 106.2 million.[168] As of January 2024, Egypt's internet penetration rate reached 72.2%, with approximately 82 million internet users.[169] Additionally, Egypt’s smartphone market is projected to generate $3.5 billion in revenue by 2025, with an annual growth rate of 6.11% between 2025 and 2029.[170] Notably, Egypt achieved the fastest internet speed on the African continent in 2022.[167]
Transport
[edit]
Transport in Egypt is centered around Cairo and largely follows the pattern of settlement along the Nile. The main line of the nation's 4,800-kilometer (3,000 mi) railway network runs from Alexandria to Aswan and is operated by Egyptian National Railways. The road network has expanded rapidly to over 21,000 miles (34,000 km), covering the Nile Valley and Nile Delta, Mediterranean and Red Sea coasts, the Sinai, and the Western oases.[171]
In addition to overseas routes, Egypt Air provides reliable domestic air service to major tourist destinations from its Cairo hub. The Nile River system (about 1,600 km (990 mi).) and the principal canals (1,600 km.) are used for local transportation.[citation needed]
The Suez Canal is a major waterway for international commerce and navigation, linking the Mediterranean and Red Sea. It is run by the Suez Canal Authority, headquartered in Port Said. The ministry of transportation, along with other governmental bodies are responsible for transportation in Egypt. Major ports are Alexandria, Port Said, and Damietta on the Mediterranean, and Suez, Ain Sokhna and Safaga on the Red Sea.[172][173]
Tourism
[edit]
Tourism in Egypt grew significantly after 1975 when the government eased visa restrictions and focused on tourism infrastructure. By 1981, tourist arrivals had risen to 1.8 million, reaching 14.7 million in 2010. However, the COVID-19 pandemic caused a sharp decline, with revenues dropping to $4 billion in 2020 and arrivals falling to 3.5 million. In February 2022, the International Monetary Fund (IMF) noted that Egypt's tourism sector was the biggest loser from the pandemic. [174][175][176][177]
Egypt's government has initiated several projects in the tourism sector, including the Grand Egyptian Museum. Once completed, it will be the largest museum in the world. This museum aims to showcase Egypt's rich archaeological heritage, strengthening the country's position as a global tourist destination.[178][179]
In 2024, Egypt achieved a record 15.7 million tourists, surpassing the previous year’s 14.9 million. This achievement, attributed to government efforts to enhance security and tourism support, marks a strong recovery from the pandemic's impact. After the drastic decline in 2020, tourism has rebounded, with revenues reaching $14.1 billion, up from previous years.[180]
The country's tourism strategy includes plans to attract 30 million tourists by 2028, with continued improvements to infrastructure and the tourist experience. Egypt's top markets in 2024 included Germany, Russia, and Saudi Arabia.[180]
Largest companies
[edit] | This section needs to be updated. (March 2024) |
In 2009, three Egyptian companies were listed in the Forbes Global 2000 list – an annual ranking of the top 2000 public companies in the world by Forbes magazine. These companies were:
| World rank | Company | Industry | Revenue (billion $) |
Profits (billion $) |
Assets (billion $) |
Market value (billion $) |
|---|---|---|---|---|---|---|
| 785 | Orascom Construction Industries | Construction | 2.42 | 1.83 | 17.21 | 4.16 |
| 846 | Orascom Telecom | Telecommunications services | 4.83 | 2.08 | 11.42 | 3.15 |
| 1384 | Telecom Egypt | Telecommunications services | 1.80 | 0.43 | 6.19 | 4.51 |
Investment climate
[edit]Historically, private equity has played a limited role in business financing in Egypt. However, the government has undertaken several initiatives to improve the investment climate and attract foreign direct investment (FDI). The Investment Law of 2017 was introduced to streamline procedures and investor incentives, and was followed by a new company law and bankruptcy law in 2018 and a customs law in 2020, all aimed at creating a more efficient business environment.[181] Alongside these legal amendments, efforts to simplify company registration and encourage foreign participation have contributed to making Egypt one of the leading FDI destinations in Africa between 2016 and 2020.[182][181]
To further enhance its economic attractiveness, Egypt has implemented fiscal reforms such as reducing corporate tax rates and cutting trade tariffs, aimed at increasing foreign investment and economic growth.[183] At the same time, large-scale infrastructure projects, including transportation modernization, new urban communities, and the Suez Canal's expansion, have been pursued to reduce logistical costs, enhance trade efficiency, and provide improved facilities for investors.[184]
As part of the reforms, Egypt introduced "golden licenses", a single-approval mechanism that allows investors to acquire land and begin operations without requiring multiple approvals from various government bodies. The General Authority for Investment and Free Zones (GAFI) oversees the program, which aims to reduce bureaucracy and attract FDI. As of March 2024, 26 golden licenses had been granted.[183] Additionally, in July 2023, President El-Sisi ratified Law No. 159 of 2023, which eliminated exemptions for state-owned enterprises, ensuring equal regulatory treatment for all investors.[183]
To further encourage foreign capital inflows, the government has also introduced a citizenship-by-investment program, offering residency and citizenship in exchange for financial contributions.[185]
Despite these efforts, challenges persist. Issues like corruption and the need for improved enforcement of regulatory frameworks continue to impact investor confidence. In 2024, Egypt scored 30 out of 100 on Transparency International's Corruption Perceptions Index, ranking 130th out of 180 countries.[186]
Regional data
[edit]Data shown are for the year 2021 in nominal numbers.
| Governorate | GDP (billion EGP)[187] | GDP (billion US$) |
|---|---|---|
| Cairo | 1,876.650 | 119.543 |
| Giza | 770.071 | 49.054 |
| Alexandria | 565.876 | 36.046 |
| Qalyubiyya | 339.316 | 21.614 |
| Sharqia | 302.065 | 19.242 |
| Dakahlia | 294.016 | 18.729 |
| Beheira | 288.857 | 18.400 |
| Port Said | 190.154 | 12.113 |
| Gharbia | 173.763 | 11.069 |
| Monufia | 157.267 | 10.018 |
| Kafr El Sheikh | 151.053 | 9.622 |
| Faiyum | 133.504 | 8.504 |
| Minya | 130.976 | 8.343 |
| Asyut | 126.143 | 8.035 |
| Suez | 119.129 | 7.589 |
| Matrouh | 115.552 | 7.361 |
| Damietta | 110.340 | 7.029 |
| Sohag | 107.757 | 6.864 |
| Ismailia | 91.127 | 5.805 |
| Beni Suef | 87.194 | 5.554 |
| Qena | 80.395 | 5.121 |
| Aswan | 76.265 | 4.858 |
| Red Sea | 75.872 | 4.833 |
| South Sinai | 58.386 | 3.719 |
| North Sinai | 48.932 | 3.117 |
| Luxor | 46.634 | 2.971 |
| New Valley | 16.963 | 1.081 |
 Egypt |
6,627.028 | 422.142 |
Challenges
[edit]Poverty
[edit]Egypt has struggled to implement effective policies to address poverty. Past efforts to alleviate economic burdens often benefited wealthier segments of society. For example, food, electricity, and petroleum subsidies have historically disproportionately aided the non-poor.[188]
Egypt’s fertility rate has dropped from 6.6 children per woman in the 1960s to 3.2 children per woman in 2021, though it remains high relative to global standards. The population increased from 44 million in 1981 to over 106 million today. Overpopulation remains one of the biggest challenges to confronting poverty.[189][190]
The country’s reliance on international loans, such as from the IMF, has sometimes resulted in increased hardship for the population. In August 2022, Egypt sought another loan amid rising prices, triggering criticism of economic policies that primarily benefited elites.[191]
The poverty rate in Egypt increased from 19 percent in 2005 to 21 percent in 2009, as reported by then Minister of Economic Development, Othman Mohamed Othman.[192] The national poverty rate stood at 24.3% in 2010, rising to approximately 30% by 2015. Additionally, a 2019 World Bank report indicated that 60% of Egypt’s population was either poor or vulnerable.[193]
As of 2020, Egypt's population stood at 102 million, with 33% under the age of 14. Approximately 30% of the population lived below the poverty line.[194][195] By 2021, this figure had declined slightly to 29.7% of the population.[196]
Role of the military
[edit]The Egyptian armed forces have wielded substantial influence over Egypt's economy. Military-run companies play a pivotal role across various industries, contributing significantly to public spending on housing and infrastructure, including activities such as cement and food production, as well as infrastructure development like roads and bridges. According to a study by the Carnegie Middle East Centre, the Egyptian army has control over about 25% of public spending allocated to housing and infrastructure.[197]
Despite Egypt's commitment to reducing the military's economic impact per its agreement with the International Monetary Fund (IMF), recent developments indicate an opposing trend. The National Service Products Organization (NSPO), a firm under military ownership, is currently constructing new factories for the production of fertilizers, irrigation machines, and veterinary vaccines. The government discussed selling stakes in military-run companies Safi and Wataniya for two years. Despite claims of receiving offers, there are visible asset transfers, like the rebranding of Wataniya franchises into ChillOut stations.[197] The army's expanding economic influence, from petrol stations to media, has stifled competition, hindered private investment and contributing to slower growth, higher prices, and limited opportunities for ordinary Egyptians.[198]
In 2022, amid growing calls for reform from international stakeholders, Egypt introduced the State Ownership Policy Document in cooperation with the IMF. It outlines Egypt’s plan to reduce state involvement in the economy, including that of the army, exiting certain sectors within three years while retaining or expanding presence in strategic industries.[199] It aims to enhance private sector participation by delineating the state's role, improve governance of state-owned enterprises under OECD guidelines, and ensure competitive neutrality.[199]
Opportunity cost of conflict
[edit]A report[200] by Strategic Foresight Group has calculated the opportunity cost of conflict for Egypt since 1991 is almost US$800 billion. In other words, had there been peace since 1991, an average Egyptian citizen would be earning over US$3,000 instead of US$1,700 he or she may earn next year.
See also
[edit]- The Sovereign Fund of Egypt
- Egypt
- Emerging markets
- List of companies of Egypt
- Next Eleven
- Qualifying Industrial Zone
- Waste Management in Egypt
- United Nations Economic Commission for: Africa & Western Asia
Notes
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External links
[edit]- Egypt: Reforms Trigger Economic Growth
- Transparency International website
- World Bank Summary Trade Statistics Egypt
- Economy of Egypt extracted from the CIA Factbook & Worldbank data
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