[31] Available figures suggest that between 1975 and 1980 the GDP (at 1980 prices) grew at an annual rate of more than 11 percent. The Western Desert accounts for about two-thirds of the country's land area. Recently, the fiscal conduct of the government faced strong criticism and heated debate in the Egyptian Parliament. Egypt - The Observatory of Economic Complexity Many scandals involving bribery were reported during the past years. The gap slightly decreased to 22.5 percentage points in 2021 post-Covid," according to the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy, which cited Indonesia's . [31] The isolated industrial ventures initiated by members of Egypt's landed aristocracy, who otherwise channeled their investment into land acquisition and speculation, were nipped in the bud by foreign competition. [98], 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. Credit extended to the private sector in Egypt declined significantly reaching about LE5billion in FY2005. 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. The Nile River system (about 1,600km (990mi).) According to the UN Conference on Trade and Development's World Investment Report, Egypt was ranked the largest country in attracting foreign investment in Africa. [126], 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. Business Freedom 51.1 Create a Graph using this measurement, Labor Freedom 33.4 Create a Graph using this measurement, Monetary Freedom 75.0 Create a Graph using this measurement. New Alamein is one of the fourth generation cities being built in Egypt, and the first phase is scheduled to be concluded in a year. In 1961, the upper limit of landholding was reduced to 100 feddans, and no person was allowed to lease more than 50 feddans. As of 2013, the average weekly salaries in Egypt reached LE641 (approx. The offer came on the May day speech delivered by President Mubarak to the Egyptian General Federation of Trade Unions. Established in 1962, the company manufactures various vehicles under license from Zastava Automobili, Daimler AG, Kia, and Peugeot. PDF EGYPT ECONOMIC REPORT - .NET Framework When COVID-19 hit in 2020, domestic observers and international investors were concerned that it would expose Egypt's vulnerabilities. In 2006, areas planted with wheat in Egypt exceeded 160,000 hectares (400,000 acres) producing approximately 6 million metric tons. [31] This was about 1.7 times larger than the annual population growth rate of 2.5 percent in the same period. (See Figure). [31] The few surviving enterprises were owned by foreigners. FT ranking: Africa's Fastest Growing Companies 2023 The concession of the mine was granted to Centamin, an Australian joint stock company, with a gold exploitation lease for a 160-square-kilometer area. The countrys property rights score is below the world average; its judicial effectiveness score is below the world average; and its government integrity score is below the world average. Maintaining good relations with politicians is sometimes a key to business success in Egypt. Importantly, dramatic increase in domestic debt which is projected to be roughly 62% of GDP in FY2008 up from 58.4% in FY2002; and (3) the costs of food and energy subsidies, which rose from LE18.0 bn in FY2002 to LE64.5 bn in FY2008. Egypt's Economic Update October 2021. [30], From the 1850s until the 1930s, Egypt's economy was heavily reliant on long-staple cotton, introduced in the mid-1820s during the reign of Muhammad Ali (180549) and made possible by the switch from basin irrigation to perennial, modern irrigation. [31] Analysis of economic growth is further complicated by the difficulty in obtaining reliable statistics. Egypt's Economic Update April 2021. There were 28,715 men and 5,311 women employed. As of 2009, Egypt began to export to Syria 32.9billion cubic feet (930,000,000m3) of gas per year, accounting for 20% of total consumption in Syria. ASEAN's digital economy has great potential, but roadblocks remain - CNBC The CBE cut its headline overnight deposit rate by 300bp in March 2020 and 100 bp in November 2020, to 8.25%. To learn more about cookies, click here. Reform of energy and food subsidies, privatization of the state-owned Bank of Cairo, and inflation targeting are perhaps the most controversial economic issues in 20072008 and 20082009. [117], Until 2003, the Egyptian economy suffered from shortages in foreign currency and excessively elevated interest rates. Interest rates are no longer the dominant factor in banks' lending decisions. [88], Egypt suffered blackouts during the summer of 2014 that lasted for up to six hours per day. Estimates by world bank since 1960 in nominal terms and since 1990 in ppp terms at current and constant prices. Egypt GDP 2021 - StatisticsTimes.com Public debt equals 89.2 percent of GDP. Central Bank of Egypt, MPC Press Releases, Source:, Ministry of Finance and Central Bank of Egypt, as analyzed in. In 2009, three Egyptian companies were listed in the Forbes Global 2000 list an annual ranking of the top 2000 public companies in the world by Forbes magazine. [40] Indeed, over the past five years, Egypt has passed, amended and admitted over 15 legislative pieces. [135] Egypt's population grew from 44 million in 1981 to more than 106 million today. Wages and Compensations increased from LE30.5 bn in FY2002 to LE59.6 bn in FY2008; (2) high interest payments on the public debt stock. [citation needed], In 2010 Egypt's fertile area totaled about 3.6million hectares (8.9million acres), about one-quarter of which has been reclaimed from the desert after the construction of the Aswan High Dam. [76] This report comes in the time in which the government is heavily criticized for exporting natural gas to Israel at an extremely low rate.[77]. Since FY2001, net government domestic debt (i.e. [140], This article is about agriculture in modern Egypt. 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. The economy is expected to grow by about 4% to 6% in 20092010. Egypt: On the brink of a balance-of-payments and sovereign - Corporate According to data from Egypt's Central Bank, the United States was the top sending country of remittances (23%), followed by Kuwait (15%), the United Arab Emirates (14%) and Saudi Arabia (9%).[42]. A population of 102 million, with 33 percent who are 14 years and below; and 30 percent of the population living below the poverty line. Total investment in this project is about $220million. In the near future, a new mortgage law will enable purchasers to take out property loans. [125], In May 2019, CAPMAS reported that the annual urban consumer price inflation of Egypt has been eased to 13% in April from 14.2% in March. Egypt GDP per capita 2021 - StatisticsTimes.com In fact, 83 percent of food subsidy, 76 percent of electricity subsidy, 87 percent of petroleum subsidy and 76 percent of the social safety net subsidy went to the non-poor instead of the poor. The road network has expanded rapidly to over 21,000 miles (34,000km), covering the Nile Valley and Nile Delta, Mediterranean and Red Sea coasts, the Sinai, and the Western oases. Investment in several sectors remains restricted. [citation needed], The pay rise originally proposed in the government budget ranged between 15% and 20%, but the decision to double it was given on heightened worries that widespread anger over prices could lead to a social explosion. From an investor perspective, Egypt is stable and well-supported by external stakeholders. The most common traditional farms occupy 0.40 hectares (1 acre) each, typically in a canal-irrigated area along the banks of the Nile. See how Egypt compares to another country using any of the measures in the Index. [citation needed], Olympic Group is the largest Egyptian company in the field of domestic appliances. [78] According to the memorandum of understanding, the Leviathan field off Israel's Mediterranean coast would supply 7billion cubic meters annually for 15 years via an underwater pipeline. [citation needed] Surface irrigation is forbidden by law in reclaimed lands and is only used in the Nile Valley and the Delta, the use of pressurized irrigation and localized irrigation is compulsory in other parts of the country. The penetration of banking is low in rural areas at only 57% of households. The WBG will continue to rely on partnerships with grant-making donors through existing trust funds and umbrella programs. In fact, both the inefficiency and absence of the role of the Central Bank of Egypt in qualitative and quantitative control as well as implementing banking procedures and standards was almost entirely responsible for the non-performing loans crisis. Two miners who have produced encouraging technical results include AngloGold Ashanti and Alexander Nubia International. Firstly, its proximity to European markets, whose rapidly changing fashions require quick replenishment. Major ports are Alexandria, Port Said, and Damietta on the Mediterranean, and Suez, Ain Sokhna and Safaga on the Red Sea. Egypt: Introduction >> globalEDGE: Your source for Global Business 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. [116], Private equity has not been widely used in Egypt in the past as a source of funding for businesses. Fitch Affirms Egypt at 'B+'; Outlook Stable - Fitch Ratings A process of public sector reform and privatization has begun to enhance opportunities for the private sector. May 24, 2023. [31] The supply of readily available land had been largely exhausted and multiple cropping, concentration on cotton, and perennial irrigation had lessened the fertility of the soil. Projectis Publishing, London. This credit crunch is due to the non-performing loans extended by the banks to business tycoons and top government officials. There is a State regulatory authority for the Cairo Stock Exchange. maintaining inflation within a bandhas perhaps begun in Egypt more recently. The labor market added 10 million jobs in April | Fortune BRIEF: Merhav exec insists gas pipeline is sufficient: "The pipeline was designed, built, and tested by the top companies in their fields." Data from the Egypt's statistics body, CAPMAS. The World Bank Group works in every major area of development. Through the CPF the World Bank Group will also continue to support Egypts ambitions to lead the climate mitigation and adaptation agenda in the region, following its presidency of COP27. In August 2007, it was announced that signs of oil reserves in Kom Ombo basin, about 28 miles (45km) north of Aswan, was found and a concession agreement was signed with Centorion Energy International for drilling. [139], The failure in efficiently using the past bailout by the IMF has landed Egypt again in the same economic condition in August 2022 where it started. Several additional economic periods followed: 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. GDP per capita of Egypt in nominal and ppp terms. The country's economy is the second largest in Africa after Nigeria regarding nominal GDP, and 41st in worldwide ranking as of 2022. [128], Various statistical databases show that Egypt has:[129][130], According to the 2005 Household Income, Expenditure and Consumption Survey (HIECS), estimated per capita poverty lines vary across the regions. IMF World Economic Outlook (April-2021) Date: 02 Sep 2021: Top Statistics Olympics Medal Table 2020. . Stats Download The Gross Domestic Product per capita in Egypt was last recorded at 3898.52 US dollars in 2021.
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