ECONOMY

General Information

The main currency of Egypt is EGP – Egyptian pound (LE).

The priorities of socio-economic development declared are raising the living standards of citizens, reducing unemployment, ensuring financial stability, attracting foreign investment, and import substitution.

Egypt's GDP amounted to 389,06 bil. US dollars in 2023, according to official World Bank data. Egypt's share of GDP in the world economy is 0,37%. Egypt's GDP grew by 2,4% in the 2023/2024 financial year.

Approximately 48% of GDP comes from the service sector, 37,5% – from industry, and 14,5% – from agriculture.

The main sources of foreign currency inflow to the country are remittances from Egyptians working abroad (31,4 bil. dollars in 2021), tourism (13 bil.), and operation of the Suez Canal (6,3 bil.).

In the service sector, tourism and related segments play a major role. The main industries are textile, chemical, metallurgical, pharmaceutical, and automotive.

Great attention is paid to the development of the energy and oil and gas sectors.

Share of Economic Sectors

The economy is based on three main sectors: services, industry, and agriculture.

The service sector forms approximately 48% of GDP, including tourism (8-10% of GDP). Operation of the Suez Canal, which accounts for approximately 10% of global maritime transportation, brings in 6-9 bil. US dollars annually. The financial sector is concentrated in Cairo.

The industrial sector accounts for 37,5% of GDP. The extractive industry, including oil and gas, contributes 10,9% of GDP. Manufacturing, with a share of 17% of GDP, is represented by textile production, chemical, and pharmaceutical industries. The energy complex relies on hydroelectric power plants and developing renewable energy sources.

Agriculture, despite limited arable land resources, provides 14,5% of GDP and employment for 25% of the population. Egypt remains a world leader in the production of long-fiber cotton, is the largest importer of wheat, purchasing 12-13 mil. tonnes annually. Export of agricultural products, including vegetables and fruits, brings in approximately 4,5 bil. US dollars.

Foreign trade is characterized by exports of petroleum products, textiles, and agricultural products amounting to 24,8 bil. US dollars, with imports of 59,2 bil. US dollars, where the main items are grain and motor vehicles. Main export destinations are India, Turkey, Saudi Arabia, Italy, Spain, and France. A significant portion of imports comes from Germany, Italy, China, Turkey, Saudi Arabia, USA, India, Kuwait, and Lebanon.

Export and Import

Exports form approximately 25% of Egypt's GDP. Key export items are:

Oil and other mineral products (32%);
Chemical products (12%);
Agricultural products, livestock, fats (11%);
Textiles (10%).

Among other exported goods are: non-ferrous metals (5,5%), electrical machinery and equipment (4,5%), food products, beverages, tobacco products (4%).

Main export partners: India, Turkey, Saudi Arabia, Italy, Spain, France.

The largest share of imported products consists of mineral and chemical goods (25%), agricultural products, livestock, and food (24%).

A significant part of imports is formed by:

Electrical machinery and equipment (15%);
Non-ferrous metals (13%);
Leather raw materials, wood, paper materials, textiles, footwear (9,5%);
Synthetic resins and rubber (6%);
Vehicles and aircraft (5,5%).

Main import partners: Germany, Italy, China, Turkey, Saudi Arabia, USA, India, Kuwait, Lebanon.

Labor Force

The labor force as of 2023 is approximately 44 mil. people or 39% of the total population. The unemployment rate for 2023 was 7,3%.

The majority of the working population (51%) is employed in the service sector, the share employed in agriculture is 32%, and in industry – 17%. The average wage during this period was 2,7 thousand Egyptian pounds per month, which is approximately equal to 60 US dollars.