Saifaddin Galal
Research Expert North Africa
Key economic indicators of Egypt- statistics & facts
Egypt is among the largest economies on the African continent. In 2022, it ranked second, with a gross domestic product (GDP) of roughly 475 billion U.S. dollars, following Nigeria. Although major economies around the world were faced with contractions due to the coronavirus (COVID-19) pandemic, the country managed to sustain a positive real GDP growth rate as of the same period. Additionally, the cumulative service sector was the most dominant contributor to the GDP, however, manufacturing industries alone contributed over 15 percent.
In addition, Egyptian imports outweigh exports, leading to a negative balance of trade. Even though mineral fuels, oils, and distillation products were the fundamental category of imports and exports for the country, the cumulative imports and exports were mainly non-petroleum products. Mineral fuels, oils, distillation products, along with machinery, nuclear reactors, and boilers were the leading imports into the country in 2023, totaling around around 19.6 billion U.S. dollars. As for the exports, mineral fuels, oils, distillation products, Electrical and electronic equipment, and fertilizers were among the principal products being sold as of the same year.
Government financing and a diverse trade market
Between 2018 and 2028, the national debt is expected to follow a rising trend, however, national debt in relation to GDP is expected to decline starting 2023, reaching 76.4 percent. Government revenue, as well as expenditure, are expected to reach almost 5.58 trillion and 7.85 trillion Egyptian pounds by 2028, respectively, gradually increasing yearly.In addition, Egyptian imports outweigh exports, leading to a negative balance of trade. Even though mineral fuels, oils, and distillation products were the fundamental category of imports and exports for the country, the cumulative imports and exports were mainly non-petroleum products. Mineral fuels, oils, distillation products, along with machinery, nuclear reactors, and boilers were the leading imports into the country in 2023, totaling around around 19.6 billion U.S. dollars. As for the exports, mineral fuels, oils, distillation products, Electrical and electronic equipment, and fertilizers were among the principal products being sold as of the same year.
Fluctuating inflation and the job market
Since the mid-1980s, the inflation rate has been fluctuating, coming to a peak of approximately 25 percent in 1987 and dropping to around 2.3 percent in 2002. More recently, in 2017, inflation once again increased to 23.5 percent. This occurred after the Central Bank decided to float the Egyptian pound. Nevertheless, the unemployment rate was decreasing since the peak of 2013. It is worth noting that the same year, former President Mohamed Morsi was overthrown by the military after mass protests took place. In 2022, the unemployment rate reached its lowest, at 6.4 percent. Of those employed in 2023, almost 19 percent were employed in the agriculture, followed by 14.6 percent in wholesale and retail trade.
