Cityscape in Egypt

Egypt Economy

Egypt's economy in numbers:

Nominal GDP of USD 394 billion in 2023.

GDP per capita of USD 3,727 compared to the global average of USD 10,589.

Average real GDP growth of 4.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 57% of overall GDP, manufacturing 15%, other industrial activity 16%, and agriculture 12%. Looking at GDP by expenditure, private consumption accounted for 89% of GDP in 2021, government consumption 8%, fixed investment 12%, and net exports -9%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 46% of total merchandise exports, mineral fuels 32%, food 14%, ores and metals 4% and agricultural raw materials 1%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 56% of total merchandise imports, mineral fuels 14%, food 20%, ores and metals 7% and agricultural raw materials 2%, with other goods accounting for 1% of the total. Total exports were worth USD 40 billion in 2023, while total imports were USD 71 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.1% in the decade to 2022. To read more about GDP growth in Egypt, go to our dedicated page.

Fiscal policy:

Egypt's fiscal deficit averaged 9.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 10.6% in the decade to 2022. For more information on Egypt's unemployment click here.

Inflation:

Inflation averaged 11.6% in the decade to 2022. Go to our Egypt inflation page for extra insight.

Monetary Policy:

Egypt's monetary policy rate ended 2022 at 16.25%, up from 9.25% a decade earlier. See our Egypt monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the pound weakened by 74.2% vs the U.S. dollar. For more info on the pound, click here.
Recent Central Bank of Egypt (CBE) data showed GDP expanded 2.7% year on year in Q1 FY 2024 (July–September 2023), softer than Q4 FY 2023’s reading. High-frequency data signaled a further slowdown in Q2 FY 2024. The economy remains under pressure in Q3; the CBE hiked rates further on 1 February, and the government increased prices for regulated utilities and services from 1 January, affirming its commitment to the reforms needed to secure an IMF loan enlargement. Moreover, plunging Suez Canal activity due to the Red Sea crisis is exacerbating a foreign currency shortage, boding ill for the EGP. On 18 January, Moody’s downgraded the country’s credit rating outlook to negative, citing rising FX and interest rate risks. In response, the Egyptian pound dived to EGP 72 per USD on the black market, and the CBE imposed a daily withdrawal limit from 31 January.
Projections out to 2033.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 27 expert analysts.

Want to get insight on the economic outlook for Egypt in the coming years? FocusEconomics collects projections out to 2033 on 44 economic indicators for Egypt from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Egypt economy. To download a sample report on the Egypt's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Egypt Economic Data

2018 2019 2020 2021 2022
Population (million) 97.1 98.1 100.6 102.1 103.6
GDP (USD bn) 263 318 382 423 475
GDP per capita (USD) 2,710 3,239 3,801 4,146 4,586
GDP (EGP bn) 4,666 5,596 6,153 6,663 7,843
Economic Growth (Nominal GDP, ann. var. %) 27.6 19.9 9.9 8.3 17.7
Economic Growth (GDP, ann. var. %) 5.3 5.5 3.6 3.3 6.7
Private Consumption (ann. var. %) 1.2 1.5 7.3 6.2 3.8
Government Consumption (ann. var. %) 1.7 2.6 7.9 3.4 -17.3
Total Investment (ann. var. %) 8.7 11.9 -18.4 -2.4 30.5
Exports (G&S, ann. var. %) 32.6 -2.4 -23.5 -14.5 51.7
Imports (G&S, ann. var. %) 7.9 -8.6 -18.6 0.0 25.2
Industrial Production (ann. var. %) 2.7 1.7 -10.1 9.3 6.9
Unemployment (% of active population, aop) 9.9 7.9 8.0 7.4 7.2
Fiscal Balance (% of GDP) -9.1 -7.6 -7.5 -7.1 -6.2
Public Debt (% of GDP) 87.9 80.1 86.2 89.9 88.5
Money (ann. var. of M2 %) 13.3 13.3 19.7 18.3 27.1
Inflation (CPI, ann. var. %, eop) 12.0 7.0 5.4 5.9 21.3
Inflation (CPI, ann. var. %, aop) 14.4 9.2 5.1 5.2 13.9
Overnight Deposit Rate (%, eop) 16.75 12.25 8.25 8.25 16.25
Exchange Rate (EGP per USD, eop) 17.92 16.05 15.73 15.71 24.76
Exchange Rate (EGP per USD, aop) 17.82 16.82 15.82 15.70 19.24
Current Account Balance (USD bn) -6.0 -10.9 -11.2 -18.4 -16.6
Current Account Balance (% of GDP) -2.3 -3.4 -2.9 -4.4 -3.5
Merchandise Trade Balance (USD bn) -37.3 -38.0 -36.5 -42.1 -43.4
Merchandise Exports (USD bn) 25.8 28.5 26.4 28.7 43.9
Merchandise Imports (USD bn) 63.1 66.5 62.8 70.7 87.3
Merchandise Exports (ann. var. %) 18.9 10.3 -7.4 8.7 53.1
Merchandise Imports (ann. var. %) 6.9 5.4 -5.5 12.6 23.4
Foreign Direct Investment (USD bn) 8.1 9.0 5.9 5.1 11.4
International Reserves (USD bn) 44.3 44.5 38.2 40.6 33.4
International Reserves (months of imports) 8.4 8.0 7.3 6.9 4.6
External Debt (USD bn) 92.6 108.7 123.5 137.9 155.7
External Debt (% of GDP) 35.2 34.2 32.3 32.6 32.8

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