Egypt Economy - 2024

Economic overview

Africa’s second-largest economy; 2030 Vision to diversify markets and energy infrastructure; improving fiscal, external, and current accounts; underperforming private sector; poor labor force participation; expanded credit access

Real GDP (purchasing power parity)

$1.264 trillion (2021 est.)
$1.223 trillion (2020 est.)
$1.181 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.33% (2021 est.)
3.57% (2020 est.)
5.56% (2019 est.)

Real GDP per capita

$11,600 (2021 est.)
$11,400 (2020 est.)
$11,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$323.763 billion (2019 est.)

Inflation rate (consumer prices)

5.21% (2021 est.)
5.04% (2020 est.)
9.15% (2019 est.)

Credit ratings

Fitch rating: B+ (2019)

Moody's rating: B2 (2019)

Standard & Poors rating: B (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 11.7% (2017 est.)

industry: 34.3% (2017 est.)

services: 54% (2017 est.)

GDP - composition, by end use

household consumption: 86.8% (2017 est.)

government consumption: 10.1% (2017 est.)

investment in fixed capital: 14.8% (2017 est.)

investment in inventories: 0.5% (2017 est.)

exports of goods and services: 16.3% (2017 est.)

imports of goods and services: -28.5% (2017 est.)

Agricultural products

sugar cane, sugar beets, wheat, maize, tomatoes, rice, potatoes, oranges, onions, milk

Industries

textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures

Industrial production growth rate

-1.09% (2021 est.)

Labor force

30.179 million (2021 est.)

Unemployment rate

9.33% (2021 est.)
9.17% (2020 est.)
7.84% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 24.3% (2021 est.)

male: 15.6%

female: 59.5%

Population below poverty line

32.5% (2017 est.)

Gini Index coefficient - distribution of family income

31.5 (2017 est.)

Average household expenditures

on food: 33.3% of household expenditures (2018 est.)

on alcohol and tobacco: 4.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4%

highest 10%: 26.6% (2008)

Remittances

7.79% of GDP (2021 est.)
8.1% of GDP (2020 est.)
8.84% of GDP (2019 est.)

Budget

revenues: $71.16 billion (2020 est.)

expenditures: $100.318 billion (2020 est.)

Budget surplus (+) or deficit (-)

-8.6% (of GDP) (2017 est.)

Public debt

103% of GDP (2017 est.)
96.8% of GDP (2016 est.)

note: data cover central government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions

Taxes and other revenues

17.9% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$18.611 billion (2021 est.)
-$14.236 billion (2020 est.)
-$10.222 billion (2019 est.)

Exports

$58.339 billion (2021 est.) note: data are in current year dollars
$40.102 billion (2020 est.) note: data are in current year dollars
$53.523 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 8%, Turkey 7%, Greece 7%, Italy 6%, India 5% (2021)

Exports - commodities

refined petroleum, crude petroleum, natural gas, nitrogen fertilizers, gold (2021)

Imports

$94.039 billion (2021 est.) note: data are in current year dollars
$72.482 billion (2020 est.) note: data are in current year dollars
$78.951 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 18%, Saudi Arabia 9%, United States 6%, Russia 5%, Turkey 5% (2021)

Imports - commodities

refined petroleum, wheat, cars, crude petroleum, corn, packaged medicines (2021)

Reserves of foreign exchange and gold

$39.824 billion (31 December 2021 est.)
$38.973 billion (31 December 2020 est.)
$44.569 billion (31 December 2019 est.)

Debt - external

$109.238 billion (2019 est.)
$92.638 billion (2018 est.)

Exchange rates

Egyptian pounds (EGP) per US dollar -

Exchange rates:
15.645 (2021 est.)
15.759 (2020 est.)
16.771 (2019 est.)
17.767 (2018 est.)
17.783 (2017 est.)