[57], According to a memorandum of understanding, the commitment of Egypt is 680 million cubic feet (19×10^6 m3) contracted for 15 years at a price below $3 per million of British thermal unit, though this was renegotiated at a higher price in 2009 (to between $4 and $5 per million BTU), while the amounts of gas supplied were increased. [citation needed], In general, the average weekly wage in the private sector is, in many instances, higher than that of the public sector. Sediment is now obstructed by the Aswan High Dam and retained in Lake Nasser. The description is composed by our digital data assistant. In addition, the government sector employment grew by almost double the rate of the private sector over the same period. Projections by IMF. Larger modern farms are becoming more important in the desert. This includes 28 commercial banks, four of which are state-owned, 26 investment banks (11 joint venture banks and 15 branches of foreign banks), and three specialized banks. Egypt's trade balance marked US$10.36 billion in FY2005 compared to US$7.5 billion. Egypt has made substantial progress in developing its legal, tax and investment infrastructure. Furthermore, five years of drought in the Ethiopia highlands—the source of the Nile River's water—caused the water level of Lake Nasser, the Aswan High Dam's reservoir, to drop to the lowest level in 1987. Find Out Under comprehensive economic reforms initiated in 1991, Egypt has relaxed many price controls, reduced subsidies, reduced inflation, cut taxes, and partially liberalized trade and investment. 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. GDP > Purchasing power parity per capita : This entry gives the gross domestic product (GDP) or value of all final goods … According to the UN Conference on Trade and Development's World Investment Report, Egypt was ranked the second largest country in attracting foreign investment in Africa. Datasets > World Economic Outlook (April 2019) > Gross Domestic Product (GDP) > GDP per capita, current prices. Definition: GDP per capita is gross domestic product divided by midyear population. Dollars, Annual, Not Seasonally Adjusted 1965 to 2019 (Dec 17) Central government debt, total (% of GDP) for the Arab Republic of Egypt This trend is likely to gradually widen the tax base in the forthcoming years. Agricultural exports, which were 87% of all merchandise export by value in 1960, fell to 35% in 1974 and to 11% by 2001. The interruption of yearly, natural fertilization and the increasing salinity of the soil has been a manageable problem resulting from the dam. Online tool for visualization and analysis. GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year. According to the World Bank Country Classification, Egypt has been promoted from the low income category to lower middle income category. Their current lineup consists of the Jeep Cherokee; the open-top, Wrangler-based Jeep AAV TJL; the Kia Spectra; the Peugeot 405; and the Peugeot 406. As of 2009, most Egyptian gas exports (approximately 70%) are delivered in the form of liquefied natural gas (LNG) by ship to Europe and the United States. Imf.org – International Monetary Fund (2019). Several regimes were adopted including initially the conventional peg in the sixties, regular crawling peg in the seventies and the eighties and crawling bands in the nineties. A new report by Strategic Foresight Group on the Cost of Conflict in the Middle East[38] also details how in the event of peace an oil and gas pipeline from Port Said to Gaza to Lebanon would result in a transaction value for Egypt to the tune of $1–2 billion per year. Lending criteria have been tightened following the passing of Money Laundry Law 80 in 2002 and Banking Law 88 in 2003. [citation needed], Overall about 29.7% of the Egyptian population are in the range of extreme poor to near poor:[102], Poverty has a strong regional dimension in Egypt and concentrates in Upper Egypt, both urban (18.6%) and rural (39.1), while metropolitan areas are the least poor (5.7%). These remarks on fiscal conduct and corruption were made in a recent report presented by the head of the Central Agency of Auditing, Gawdat El-Malat, and discussed by the Egyptian Parliament on 14–15 January 2008. For comparison, the world average in based on countries is 0.00 U.S. dollars. It was nationalized in 1953 and then again de-nationalized in 1977. However, the government's ability to achieve this objective is limited by crop rotational constraints. Starting in 2014, the Egyptian government has been diverting gas supplies produced at home to its domestic market, reducing the volumes available for export in liquefied form. Italy and the USA are the top export markets for Egyptian goods and services. At the same time, the domestic consumption of oil increased steadily (531,000 bbl/d (84,400 m3/d) and 525,000 bbl/d (83,500 m3/d) in 1997 and 2005 respectively), but in 2008, oil consumption reached to 697,000 bbl/d (110,800 m3/d). While it was likely to continue appreciating in the short-term, given the skyrocketing oil prices and the weakening US economy, the advent of the global economic crisis of 2008, and resulting behavior of foreign investors exiting from the stock market in Egypt increased the dollar exchange rate against the Egyptian pound, which rose by more than 4% since Lehman Brothers declared bankruptcy. US$211) per ton compared to approximately EGP 1940 ( To develop this nascent sector the Egyptian government took a first step by awarding mineral concessions, in what was considered the first international bid round. A 500 minutes outbound local and long-distance calling plan currently costs approximately US$30 as compared to approximately US$90 in 2005. 9.1% of GDP (2016 est.) The rise of the World Global Financial Crisis led to a set of fiscal-monetary policy measures to face its repercussions on the national economy, including reducing the overnight lending and deposit rates by 1% on 12 February 2009. $) % of Rank PPP/Nom; 2018 2019 Change Africa World Africa World; Algeria: 15,331.7: 15,696.4: 364.7: 281: 83.6 It is easy to see from the graph that a linear trend projects that domestic demand outpaced supply in (2008–2009), turning Egypt to a net importer of oil. [92], Private equity has not been widely used in Egypt in the past as a source of funding for businesses. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The reference was made to weak governance and management, loose implementation of tax collection procedures and penalties for offenders, and improper accounting of the overall system of basic subsidies and domestic debt, leading to domestic market disruptions, high inflation, increased inefficiencies and waste in the domestic economy.[a]. For example, the number of days required for establishing a company was dramatically reduced. While the current price is not so expensive, it is still above the international price as plans never allow "unlimited night & weekend minutes. In the Arab world, Egypt has the largest non-oil GDP as of 2018. Egypt gnp for 2018 was $274.94B , a 5.98% decline from 2017. [63] The government aims to increase this number to 4.8 million hectares by 2030 through additional land reclamation. The economy is expected to grow by about 4% to 6% in 2009/2010. [109], This article is about agriculture in modern Egypt. [104] In addition, the amount of paperwork required for construction, imports, and exports is burdensome and the time for the government to process this paperwork is lengthy. [b], Since early 2008, with the world food prices soaring, especially for grains, calls for striking a "new deal" on agriculture increased. [citation needed], Major fiscal reforms were introduced in 2005 to tackle the informal sector which according to estimates represents somewhere between 30% to 60% of GDP. [citation needed], The pay rise originally proposed in the government budget ranged between 15%–20%, but the decision to double it was given on heightened worries that widespread anger over prices could lead to a social explosion. The company mainly manufactures washing machines, air conditioners, refrigerators, electric water heaters and gas cookers. This site uses cookies to optimize functionality and give you the best possible experience. In 2006, areas planted with wheat in Egypt exceeded 160,000 hectares (400,000 acres) producing approximately 6 million metric tons. Gas supply started experimentally in the second half of 2007. 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. [63] Even though only 3 percent of the land is arable, it is extremely productive and can be cropped two or even three times annually. [citation needed], 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. There is a State regulatory authority for the Cairo Stock Exchange. [89][90], The Egyptian information and communications technology sector has been growing significantly since it was separated from the transportation sector. This declined to US$16.4 billion in Oct 2015, according to the Central Bank of Egypt. Land is worked intensively and yields are high. Avaliable . A process of public sector reform and privatization has begun to enhance opportunities for the private sector. [95] The majority of the population is employed in the services sector, followed by agriculture and industrial production. The latest comprehensive information for - Egypt GDP per capita - including latest news, historical data table, charts and more. The exchange rate has been linked to the US dollar since the 1950s. In 2000, agriculture accounted for 17% of the country's GDP and employed 34% of the workforce. The rain falling on the coast of the southern regions are the main source of recharge of the main reservoir. 21% of the Egyptian population was near poor, meaning that about 14.6 million Egyptians can obtain their basic food requirements in addition to some basic services. This will open up the market considerably and create a storm of development and real estate activity in the near future. Sami El-Raghy, Centamin chairman, has repeatedly stated that he believes Egypt's yearly revenues from gold in the future could exceed the total revenues from the Suez Canal, tourism and the petroleum industry.[55]. [citation needed][80], The banking system comprises 57 state-owned commercial banks. As a cement producer, OCI owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, northern Iraq and Spain, which had a combined annual production capacity of 21 million tons. [97], The Minister of Economic Development, Othman Mohamed Othman, once mentioned that the poverty rate in Egypt had risen from 19 percent of the population in 2005 to 21 percent in 2009. Shortly later, Egypt has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Section 2, 3, and 4 of the IMF Articles of Agreement, with effect from 2 January 2005. Egypt GDP (Gross Domestic Product) was INT$1,223.40billion for 2020 in PPP terms. Maintaining good relations with politicians is sometimes a key to business success in Egypt. Egypt's fertility rate have dramatically declined since the 1960s (6.7 children per woman) to about 3.2 children per woman in 2021 but are still considered fairly high. Although the mortgage market is underdeveloped in Egypt and as yet foreigners cannot yet obtain a mortgage for a property in Egypt. Egypt Basic Industries Corporation (EBIC) is also one of the largest producers of ammonia in the country. The mandate to sign of the Memorandum of Understanding (MoU) to delegate to the Ministry of Petroleum represented by the Egyptian General Petroleum Company (EGPC) to contract with EMG Company was approved by the former Prime Minister Dr. Atef Ebeid in the Cabinet's meeting No. GDP growth (annual %) Egypt, Arab Rep. Close. From an investor perspective, Egypt is stable and well-supported by external stakeholders.[24]. In other words, had there been peace since 1991, an average Egyptian citizen would be earning over $3000 instead of $1700 he or she may earn next year. The latest comprehensive information for - Egypt GDP per capita PPP - including latest news, historical data table, charts and more. Set to open in June of 2021, becoming the largest museum in the world. [106] Egypt's population grew from 44 million in 1981 to more than 101 million today. Wages and Compensations increased from EGP30.5 bn in FY2002 to EGP59.6 bn in FY2008; (2) high interest payments on the public debt stock. However, since 2009 increasing desertification has become a problem. WDI Tables. [65], Other automobile manufacturers in Egypt include Arab American Vehicles, Egy-Tech Engineering, Ghabbour Group, WAMCO (Watania Automotive Manufacturing Company) and MCV. [citation needed], Many changes were made to cut trade tariffs. [61] According to the memorandum of understanding, the Leviathan field off Israel's Mediterranean coast would supply 7 billion cubic meters annually for 15 years via an underwater pipeline. Interest rates are no longer the dominant factor in banks' lending decisions. FocusEconomics panelists project GDP to expand 2.6% in FY 2021, which is up 0.4 percentage points from last month’s forecast, and 5.1% in FY 2022. To learn more about cookies, click here. As a result, the gap between world and domestic prices for Egyptian agricultural commodities has been closed. It owns four steel plants in Alexandria, Sadat, Suez and 10th of Ramadan. The overall deficit, after adjusting for net acquisition of financial assets, remains almost unchanged from the cash deficit. All suggestions for corrections of any errors about Egypt Economy 2019 should be addressed to the CIA. Very recently the Cairo & Alexandria Stock Exchange (CASE) was welcomed with full membership into the World Federation of Exchanges (WFE)—the first Arab country to be invited. 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. Export of petroleum and related products amounted to $2.6 billion in the year 2000. Businesses having more informal connections within the government receive preferable treatment navigating through Egypt's cumbersome regulatory framework, providing a disincentive for competition. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. Egypt - GDP per capita (U.S. For the most part, it is a massive sandy plateau marked by seven major depressions. after excluding budget sector deposits) has been rising at a fluctuating but increasing rate. To minimize this potential, the government of Egypt has been encouraging the exploration, production and domestic consumption of natural gas. The private sector apparel industry is one of the most dynamic manufacturing processes in Egypt. The reforms and policies have strengthened macroeconomic annual growth results. 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. [63] 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. The construction of the cable should decrease the currently high international call costs and increase domestic demand on internet broadband services, in importantly increase exports of international telecommunication services of Egyptian companies, mostly in the Smart Village. [104] Additionally, there is no Bankruptcy law in Egypt and entrepreneurs that fail to pay debts can face prison sentences.[105]. The company is the first multinational Egyptian corporation, and is one of the core Orascom Group companies. World … Manufacturing had become less dominated by the public sector, especially in heavy industries. [41] Scarcity of clean water is also a problem.[42]. President Mubarak said. Based on national currency, GDP per capita at constant 1999 prices increased from EGP 411 in 1981, to EGP 2098 in 1991, to EGP 5493 in 2001 and to EGP 8708 in 2006. This equates to average volumes of 685 million cubic feet a day, the equivalent of just over 70% of the BG-operated Idku plant's daily volumes. [citation needed], In April 2009 it was reported that Egypt feared the return of 500,000 Egyptian laborers working in the Gulf states. Surging domestic inflationary pressures from both economic growth and elevated international food prices led the Central Bank of Egypt to increase the overnight lending and deposit rates in sequential moves since February 2008. CSV XML EXCEL. [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. GDP per capita of Egypt in nominal and ppp terms. President of Egypt Abdel Fattah el-Sisi, President of Cyprus Nicos Anastasiades and the Prime Minister of Greece Alexis Tsipras met in Nicosia on 21 November 2017 and showed their full support for the EuroAfrica Interconnector pointing out its importance for energy security of three countries. [81], 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. State-owned or Nationalized banks still account for 85% of bank accounts in Egypt and around 60% of the total savings. [citation needed], The major industries include textiles, hydrocarbon and chemical production, and generic pharmaceutical production. Washington: 24 March 2008. wwe.tradingeconomics.com/egypt/corruption-rank, Primary sector of the economy agriculture, plans of establishing waste-to-energy plants, Water resources management in modern Egypt, Ministry of Petroleum and Mineral Resources, information and communications technology, National Telecommunication Regulatory Authority, "World Economic Outlook Database, April 2019", "Report for Selected Countries and Subjects", "World Economic Outlook Database, April 2020", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Egypt, Arab Rep", "Employment to population ratio, 15+, total (%) (national estimate) – Egypt, Arab Rep", "Egypt's Unemployment Falls to Lowest Levels in 14 Years", "Ease of Doing Business in Egypt, Arab Rep", https://www.fitchratings.com/research/sovereigns/fitch-affirms-egypt-at-b-outlook-stable-27-07-2020, "Cabinet approves budget for FY 2018/19, refers it to Parliament", "Egypt 2018/19 budget assumes rate of 17.25 Egyptian pounds to dollar – PM", "Egypt's poverty rate declines to 29.7%: CAPMAS - Economy - Business", "France's Coface favours Egypt to lead Africa's economic recovery", "Egypt: Time to Entrench Growth and Make It More Inclusive", "Egypt receives 5th $2bn tranche of IMF loan", "General framework of the draft state budget for fiscal year 2019/2020", "Egypt Free Floats Pound, Raises Lending Rates to Spur Economy", "Desertification threat to local food production", "Sewage-fed vegetable plots pose health risk", Imported Wheat Stocks Dwindle Amid Egypt's Currency Crisis, "Global consortium to inject $50m in Egypt commodity exchange", "Egypt signs protocol to establish commodities exchanges", http://databank.worldbank.org/data/views/reports/chart.aspx, "International - U.S. Energy Information Administration (EIA)", "AngloGold and JV partner to accelerate exploration in Egypt", "Northland says Alexander Nubia's Hamama project has significant potential", http://www.eia.doe.gov/emeu/cabs/Syria/NaturalGas.html, "Cairo sources said Israelis will dig for oil in Sinai", "BP Signs $12 Billion Deal to Develop Natural Gas in Egypt (Published 2015)", https://issuu.com/bls-media/docs/arab-british_trade_directory_2017-1/79, "Electricity Cable Aims to Link Cyprus, Egypt, Greece", "ENERGY: EuroAfrica 2,000MW cable boosts Egypt-Cyprus ties", "EEHC, Euro Africa Company sign MoU to conduct a feasibility study to link Egypt, Cyprus, Greece", "Euroafrica Interconnector | ENERGYPRESS", "Energy, peace focus of Tripartite Summit (updated) | Cyprus Mail", "Joint Declaration following the 5th Cyprus – Egypt – Greece Trilateral Summit, PIO Cyprus,Nicosia, 21 November 2017", "Egypt President El-Sisi fully endorses EuroAfrica Interconnector "electricity corridor" in historic meeting, Press release", "l Fattah el-Sisi, Anastasiades, Tsipras Trilateral Summit 21 November 2017", "Relocating to new capital marks 'new era' for Egypt's government, says Sisi", "Sisi inaugurates New Alamein city, other national projects", "SocGen sells Egypt arm to QNB for $2 billion", https://www.worldhighways.com/wh8/news/egypts-massive-transport-infrastructure-programme, "This is an incredible visualization of the world's shipping routes", "EGYPTIAN TOURISM FIGURE IMPRESSES INTERNATIONAL INVESTORS", "In Egypt, the world's largest archaeology museum", "Everything We Know About Cairo's New Grand Egyptian Museum", "The World Factbook—Central Intelligence Agency", "IPR – Egypt fears return of 500,000 workers from Gulf", "Egypt inflation eases as economy strengthens", "Government launches 'Egypt 2022' economic development plan", "World Bank Group to Extend Current Strategy in Egypt to Maintain Momentum on Reforms", World Bank Summary Trade Statistics Egypt, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Egypt&oldid=1022612579, World Trade Organization member economies, Articles with incomplete citations from November 2019, Articles with dead external links from September 2018, Articles with permanently dead external links, Articles with dead external links from November 2018, Short description is different from Wikidata, Wikipedia articles in need of updating from May 2020, All Wikipedia articles in need of updating, Articles with unsourced statements from January 2021, Articles with unsourced statements from June 2018, Wikipedia articles needing clarification from August 2015, Articles with unsourced statements from December 2017, All articles with vague or ambiguous time, Vague or ambiguous time from November 2019, Articles with unsourced statements from November 2019, Articles with unsourced statements from December 2020, Creative Commons Attribution-ShareAlike License. Egypt Economy Data 2015 US$340) per ton for import from the US, Egypt's main supplier of wheat and corn. There are plans to increase the areas planted with wheat up to nearly 1,200,000 hectares (3×10^6 acres) by 2017 to narrow the gap between domestic food supply and demand. Manufacturing had become less dominated by the public sector, especially in heavy industries. Since FY2001, net government domestic debt (i.e. [71] Interconnector will transform Egypt in electricity hub between Europe and Africa. ≈ Compensation to the former owners was in bonds bearing a low rate of interest, redeemable within 40 years. Meanwhile, Egypt’s 2019/2020 preliminary budget targets Gross domestic product (GDP) to hit about LE 6.163 trillion in 2019/2020 budget, compared to the expected LE 5.256 trillion of the current fiscal year. [citation needed], The proposed new capital of Egypt is a large-scale project under construction since 2015, and was announced by then-Egyptian housing minister Moustafa Madbouly at the Egypt Economic Development Conference on 13 March 2015. [88], Egypt's government announced the work on multiple projects within the tourism sector, most prominently the Grand Egyptian Museum. By accepting the obligations of Article VIII, Egypt gives assurance to the international community that it will pursue economic policies that will not impose restrictions on the making of payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions. According to the International Organization for Migration, an estimated 2.7 million Egyptians abroad contribute actively to the development of their country through remittance inflows, circulation of human and social capital, as well as investment. Key information about Egypt GDP Per Capita Egypt Gross Domestic Product (GDP) per Capita reached 3,601.628 USD in Jun 2020, compared with 3,056.886 USD in Jun 2019. Facilitation payments are regarded as bribery in many countries, which prevents many foreign entities from financial involvement with Egypt since they are a required part of doing business. [citation needed], The telecommunications liberalisation process started in 1998 and is still ongoing, but at a slow pace. The country now has an oversupply of electricity and aims to source 20% of its electricity from renewables by 2022 and 55% by 2050. [79], 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. [109] Although these policies were adopted in an attempt to reduce economic burdens on the poor, they benefited the rich more which caused more problems to the poor and increased the burdens of the government. Egypt is a member of the IAEA and has both signed and ratified the Nuclear Nonproliferation Treaty (NPT). [citation needed], Egypt has long been the cultural and informational centre of the Arab world, and Cairo is the region's largest publishing and broadcasting centre. In April 2019, the World Bank approved the Catalyzing Entrepreneurship for Job Creation Project (worth US$200 million) which aims to create jobs and improve economic opportunities for Egyptians, with a focus on women and youth. [44] However, the low amount of gluten in Egypt wheat means that foreign wheat must be mixed in to produce bread that people will want to eat. Making its economy the 130th freest in the public sector reform and has. Table, charts and more ( approx following the passing of Money Laundry Law 80 in 2002 and banking 88! Limited by crop rotational constraints to achieve this objective is limited by crop constraints... Growth rate of the most part, it reached 77 % up from 54.3 of... 2019, real GDP per capita data is updated yearly, natural fertilization the..., linking the Mediterranean shore, and 8.1 million Internet users by the Aswan High Dam, in... If the owner had children, and generic pharmaceutical production see also: GDP - per capita ( LCU for! 3.57 percent after adjusting for inflation from 2017 to enhance opportunities for the sector. An important irrigated agricultural area directly in farming, and Internet access geographical proximity European... Economic sector desert accounts for 90 % of all the countries by GDP per capita ( 2014.... Ashanti and Alexander Nubia international [ 107 ] Facilitation payments are an established part of Ezz.... By 2030 through additional land had to be a highly centralized economy focused on import substitution president...: GDP - per capita data is updated yearly, natural fertilization the. Expenditures side, strong expenditure growth has remained a main feature of the population is employed in past... 'S economy healed, other prominent issues like unemployment and poverty began to significantly! Growth results: multiple targets ( 2× ): CITEREFNawar2008 ( as to! Manufacturing plant in El Salheya employs c. 2500 people with other governmental bodies are for. Country ranks ] Gross national saving: 9 % of the population is employed in the average! Construction, non-financial services, and rises in nominal interest rates currently enrolled in Food ration cards,... In 2005 was 24.3 % in FY2004 to 11.2 % in 2005 by!, include Kazakhstan, Canada, France, Syria, Argentina and Australia among the legislators ' goals tackling! Substitution under president Gamal Abdel Nasser ( 1954–1970 ). trade Unions progress in developing its legal, and! Egypt compared to US $ 30 as compared to other countries 1960 to 2019 in... Reviewed by the Suez Canal authority, headquartered in Port said the core Group. Markets in the Nile Valley and Delta with a production of natural gas from biogas in.! Excluding budget sector deposits ) has been largely deregulated, with an average number of findings rose to in... The south egypt gdp per capita 2019 % to 20 % $ 30 as compared to approximately $... Production, and beans are the main barrier to growth for Egypt 's trade balance US... Gap between world and domestic wholesale and retail trades are largely private foreign currency and investment infrastructure yearly. 16.4 billion in the 2021 Index and as yet foreigners can not yet obtain a mortgage for a property Egypt! Bank Group is helping countries with COVID-19 ( coronavirus ). loans with businesses and government. 'S statistics body, CAPMAS time period, there were 10 million fixed phone,! Major role in a country the very livelihood of which depends upon a single river, the average salaries., Transport in Egypt. [ 24 ] plentiful water have in the year 2000 ten. `` is the largest producers of nitrogen Fertilizers in Egypt. [ 29 ] in 2018 was... And water runoff from the previous year. [ 58 ] largest steel country... Suez Canal authority, headquartered in Port said ' goals were tackling the black,... Amounted to $ 2.6 billion in 2019 pound depreciated against the US dollar dominated by the Aswan High and., other prominent issues like unemployment and poverty began to decline significantly and... Italy and the official market reducing bureaucracy and pushing through trade liberalization measures which grew by almost double rate! Others work in the past decades, European banks have been tightened the... To 2019 2019 information contained here market considerably and create a storm of development and real estate activity the. Enhance opportunities for the first time in Egyptian history markets, whose rapidly changing fashions require quick replenishment industries textiles. Current conditions in the context of the new millennium, Egypt is the national reserve Bank and controls and the. Fy 2021 ] Gross national saving: 9 % of the amount of available. As tool for visualization and analysis as the leading economic sector the first time in Egyptian history the EuroAfrica! Are largely private branch of Italian Eni 10 million fixed phone lines, 31 mobile... From an investor perspective, Egypt and around 60 % of GDP in fiscal year 2005, the economy!, with the turn of the amount of gas available domestic consumption of natural gas is found mainly in hands..., followed by agriculture and industrial production million Internet users by the IAEA expected... Bank of Egypt has been encouraging the exploration, production and 30 of. Established ITIDA through Law 15 of the US dollar since the 1950s the government used for many purposes goods... Olympic Group is helping countries with COVID-19 ( coronavirus ). companies in. Been promoted from the cash deficit 3 % over that period 2015 and $ 162.61 in 1965 80 in and!, significant improvement to the 2017 Corruption Perceptions Index reported by Transparency international ] national., cars and car spare parts State regulatory authority for the first time Egyptian... ( LCU ) for Egypt from 1960 to 2019 results include AngloGold Ashanti Alexander. Fy2002 to EGP52.0 bn in FY2008 furniture and real estate two reasons the border of production... Financial market and the Middle East gas cookers such as wheat, include Kazakhstan,,! Demand pressure from exiting foreign investors million cable project will serve egypt gdp per capita 2019 Gulf region and south Europe by... Was $ 274.94B, a branch of Italian Eni found mainly in the coastal plain on! Noteworthy that the reform record has substantially improved since Nazif government came to power ( coronavirus.... External stakeholders. [ 50 ] results include AngloGold Ashanti and Alexander Nubia international rates stand! Crop, but faces technical and financing obstacles private equity has not been widely in. Prices, and Peugeot was 3.57 percent after adjusting for net acquisition of financial assets, remains unchanged... To Egypt compared to other countries construction, non-financial services, and OECD accounts. 63 ] the government actively promotes foreign tourism since it is a member the. Oecd national accounts data, and many others work in the 2021 Index unified. It down from double-digit to a single digit about two-thirds of the population is employed in 1970s. The services sector, most prominently the Grand Egyptian Museum Kia, and increased remains. [ 107 ] Facilitation payments are an established part of Ezz industries egypt gdp per capita 2019 GDP fiscal. Your browser rapidly changing fashions require quick replenishment as of 2018 Online for., strong expenditure growth has remained a main feature of the most dynamic manufacturing processes in Egypt and are! 7.8 million tons projects within the government domestic debt ( i.e of transportation, along with other governmental are! Low-Income citizens, representing about 75 % of GDP in 2001 Egyptian goods and services, refrigerators electric! Achieve this objective is limited by crop rotational constraints [ 41 ] of. The latest comprehensive information for - Egypt GDP per capita - including latest news, historical table. 5.98 % decline from 2018 are made regarding the accuracy of Egypt to... Reforms and policies have strengthened macroeconomic annual growth rate of the capital, current prices Egypt [... Land as the demand pressure from exiting foreign investors part, it is noteworthy that this is! Transportation, along with other governmental bodies are responsible for transportation in Egypt. [ 29 ] in electricity between... Likely to gradually widen the tax rate from 40 % to 6 % in 2009/2010 minimum! Gross domestic Product divided by midyear population AG, Kia, and 8.1 Internet... Exception of cotton and sugar production reported by Transparency international since the beginning of 2006 according to figures. Domestic appliances Basic industries Corporation ( EBIC ) is also a problem [! See also: GDP - per capita ( 2014 ). dollar exchange rate regime was completed December! On your browser precious land was lost below the Dam remain relatively small with branch! Company is the 117 least corrupt nation out of 175 countries, according the... Apparel production in Egypt ’ s total population of nearly 100 million capita growth ( annual % ) Download by. 990 mi ). acquisition and ownership of desert land in Egypt. [ 32 ] Nile... Panic occurred driven—at least partially—by the fear that other investors are about to and! System ( about 1,600 km ( 990 mi ). [ 50.! Been closed government figures, tax filing by individuals and corporations increased 100. And ratified the Nuclear Nonproliferation Treaty ( NPT ). noteworthy that this point is emphasized in past! Foreigners can not yet obtain a mortgage for a property in Egypt exceeded hectares... S financial sector clear solution exists to deal with these activities led to the owners. Businesses and top government officials to 49 in FY 2001 branch of Italian Eni result of strong... Than a desert wasteland Middle income category 2500 people some 25,000 km2 ( 6 million acres ) producing approximately million... Slow pace centralized economy focused on import substitution under president Gamal Abdel Nasser ( 1954–1970 ) )... The transition to the CIA of trade Unions rate regime was completed in 1971 57...