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The main articles are:
GDP
2023: World's nineteenth largest PPP GDP
2022
Egypt's share of global PPP GDP rises to 1.03%
Main article: World Economy
GDP size forecast - $0.43 trillion
2021: GDP size - $0.4 trillion
2018: GDP $2,572 per person
Financial system
External debt
2024: Receiving $8 billion from the IMF and rising debt to the fund to $15 billion
In March 2024, Egypt received a $8 billion financial support package from the International Monetary Fund, which increased Egypt's total debt to the IMF to $15 billion.
2023: Egypt's foreign debt rises to $168 billion or 4x in 10 years
According to the website of the Ministry of Planning and Economic Development of Egypt, the country's external debt grew by $3.5 billion in the last quarter of 2023 and reached $168 billion. The country's foreign debt has increased 4 times over the past 10 years.
2022: External debt growth of 13% to $163 billion
Foreign debt Egypt in 2022 increased by 13% to $163 billion
2019: Debt to China - $4.1 billion
with the
National debt
2023: State debt - 89% of GDP
Gold and foreign exchange reserves
2024: Reserves rise to $40.36 billion after receiving $5 billion from UAE
According to the Central Bank of Egypt, the country's international reserves in March 2024 amounted to $40.36 billion. US, up $5.05 billion
The sharp increase in gold and foreign exchange reserves is associated with the transfer of $5 billion by the United Arab Emirates to the Central Bank of Egypt. The United States as part of a deal to develop the territory of Ras Al-Hikma on the Mediterranean coast of Egypt.
Earlier, the Central Bank of Egypt reported that Egypt's international reserves, consisting of gold, foreign currency and special borrowing rights, rose from $35.249 billion. US in January to $35.311 billion by the end of February 2024
Currency: Egyptian pound
2024: The Egyptian pound fell 63% to 50 per dollar at once after the Central Bank refused to regulate the currency
On March 6, 2024, the dollar jumped against the national currency of Egypt by 63% at once - from 30.85 to 50.3 Egyptian pounds for $1. This is due to the fact that the Central Bank of Egypt refused to regulate the currency and allowed to set its rate in accordance with market mechanisms.
The Central Bank of Egypt decided to raise interest rates by 600 bp and move to the free exchange rate of the pound. The regulator also announced that the overnight loan rate rises to 28.25%, and the overnight deposit rate rises to 27.25%. These measures are aimed at strengthening economic stability. A more flexible exchange rate is seen as crucial to restoring investor confidence.
 | The decision by the Central Bank of Egypt to allow the market to determine the exchange rate is an important step towards unifying national exchange rates. It also complies with the IMF recommendations, which are a prerequisite for receiving financial assistance, "said IG analyst Shaun Murison. |  |
Egyptian authorities, according to Reuters, have been trying for months to keep the local currency at 30.85 pounds per dollar. Therefore, a simultaneous collapse of the Egyptian currency was expected. The head of the central bank, Hassan Abdalla, said that, as in other countries, the regulator will still be able to intervene if there is an "illogical movement" of the currency. At the same time, the refusal to tie the currency to the dollar will improve the prospects for the Egyptian economy.
It is noted that remittances from Egyptians working abroad, the main source of foreign currency in the country, slowed down sharply against the background of expectations of a fall in the pound exchange rate. At the same time, the conflict in the Gaza Strip and the disruption of shipping in the Red Sea threatened tourism and transportation revenues.[1]
2023: January rate collapse by 16% to £32.2 per dollar
The Egyptian pound depreciated 16% in January 2023 and collapsed to an all-time low of 32.2 Egyptian pounds per US dollar.
Inflation
2024: Inflation slows to 26.6%
According to the Central Bank of Egypt, by the end of June 2024, inflation rates decreased relative to the same month of 2023 to 26.6%, while in May they amounted to 27.1%.
The level of price growth in cities turned out to be slightly higher and amounted to 27.5%.
Monthly prices in June increased by 1.3% compared to May 2024.
2022: Inflation in November - 16.2%
Key rate
On March 21, 2022, the Central Bank of Egypt raised the base interest rate by 100 bp for the first time since 2017, citing global inflationary pressure caused by the COVID-19 coronavirus pandemic.
The decision, made after an extraordinary meeting of the Bank's Monetary Policy Committee, raised the deposit rate to 9.25% and the credit rate to 10.25%.
Inflation in Egypt's urban areas reached 8.8% in February, the highest level since mid-2019, raising expectations of a rate hike.
Investments
2024: UAE's $35 billion investment in Egypt
The main purpose of the deal is Egypt's undeveloped Mediterranean coastline. However, huge financial injections also speak to Abu Dhabi's strategic goals.
By investing the equivalent of 7% of its GDP, the UAE is showing a combination of financial power with geostrategic goals, signalling a commitment to playing a key role in shaping events in the region and beyond.
2023: Foreign direct investment in Egypt hits $10 billion - 15-year record
Hossam Heiba, head of Egypt's General Directorate for Investment and Free Zones (GAFI), said that the volume of foreign direct investment in Egypt at the end of fiscal 2022/2023 amounted to US $10 billion and is the highest in 15 years.
Minerals
Oil and gas production
2024: BP agreement with Abu Dhabi National Oil to set up joint venture in Egypt for gas production
In February 2024, BP Plc and Abu Dhabi National Oil Co. agreed to establish a joint venture in Egypt to extract natural gas, which will allow the UAE to gain a foothold in the country supplying fuel to Europe.
2022: LNG exports
2021
Power
2019: Electrification level above 99%
2020: Low per capita energy consumption
and
R&D
2020: R&D spending - $6.1 billion
Agriculture
2021: Share of farmland - 4%
2019: Average use of pesticides in agriculture
2001: Main farming model - mixed
The main model of agriculture is mixed: irrigation and irrigation-free cultivation. Grazing is the leading form of land use.
Foreign trade
2023
78% of wheat supplies are in Russia and Ukraine
Trade between Russia and Egypt grew by 25% and exceeded $7 billion
The trade turnover of Russia and Egypt in 2023 increased by 25% compared to 2022 and exceeded $7 billion. This was announced on December 31, 2023 by the trade representative of the Russian Federation in Egypt Alexei Tevanyan. Read more here.
13.5% reduction in imports to $83.2 billion
According to the Central Agency for Public Mobilization and Statistics of Egypt (CAPMAS), imports to the country decreased from $96.2 billion. US $83.2 billion in 2022 The United States in 2023, or 13.5%.
The largest suppliers of products to Egypt:
1. China - $12.9 billion; 2. US - $5.4 billion; 3. Saudi Arabia - $5.2 billion; 4. Russia - $5 billion; 5. Germany - $4.1 billion; 6. Italy - $3.2 billion; 7. India - $3.2 billion; 8. Brazil - $3 billion; 9. Turkey - $2.8 billion; 10. Kuwait - $2.7 billion
The most imported goods were:
- petroleum products - $7.4 billion;
- iron and steel - $4.2 billion;
- wheat - $3.8 billion;
- medicines - $3.6 billion;
- plastic - $3.3 billion;
- chemicals - $3 billion;
- corn - $2.5 billion;
- natural gas - $2.3 billion;
- passenger cars - $2.1 billion;
- crude oil - $1.9 billion.
The information on the volume of foreign trade provided by CAPMAS differs from the data of the Russian statistical services.
2022
Growth in trade with Russia by 30% to $6 billion
The trade turnover of Russia and Egypt in 2022 grew by 30% and amounted to more than $6 billion, Denis Manturov said in March 2023.
Potato exports to Russia increased by 25% to 875 thousand tons
Potato exports from Egypt to Russia in 2022 increased by 25% and amounted to 875 thousand tons.
Contract break with Ukraine due to delays in grain supplies
In July 2022, Egypt terminated the contract with Ukraine for the supply of 240 thousand tons of grain due to the inability of Kyiv to fulfill contractual obligations.
Ukraine is an important, but far from the only and not monopoly grain supplier for the importing countries of the Mediterranean basin, including Egypt and Turkey. At the same time, Egypt supplies more than 9 million tons of hard wheat and derived flour annually, while simultaneously purchasing about 13 million tons per year.
By selling high-quality wheat and purchasing cheaper varieties and forage grains, Egypt earns on growing grain, covering domestic needs with export supplies.
After the risks of non-fulfillment of contractual obligations by Ukraine in connection with the blockade of Ukrainian ports in Cairo, they decided to restrict the export of their own grain and flour in order to protect the domestic grain market.
The main suppliers of grain to Egypt (they account for over 50% of the country's grain needs):
A contract of 240 thousand tons, torn up with Ukraine, is a drop in the sea of Egyptian grain demand and is insignificant in itself. Grain imports to Egypt are organized through a chain of small ones against the background of the general need for purchases.
But the disruption of this contract, combined with unclear prospects for the resumption of Ukrainian grain exports in the same volume, has already entailed a revision of the procurement policy. At least for the short term.
Despite the agreement reached by Russia, Turkey and Ukraine on the export of grain from Ukrainian ports and public assurances about maintaining the prospects for cooperation, the market needed grain worth about one and a half billion dollars at pre-crisis prices (10% of Egypt's wheat demand).
But in the United States back in May they announced that they were ready to replace the falling volumes of grain with their own supplies.
In Egypt, under the auspices of concern for the country's food security and under pressure from the United States, all European countries, including Russia, Ukraine and France, were deliberately excluded from procurement procedures. In fact, the Cairo authorities reoriented to the western market.
On the Russian side, in July 2022, they are actively negotiating with Egypt, putting pressure on both close military-technical cooperation and partnership in the field of power in the hope of revising the procurement policy. Most likely, grain supplies to the Egyptian market were one of the topics of the visit of Russian Foreign Minister Sergei Lavrov to Cairo.
Tourism
2023: Record number of tourists - 14.9 million, of which 1.2 million - from Russia
According to the Egyptian State Information Service, a record number of tourists visited the country in 2023 - 14.9 million people. The previous maximum dates back to 2010, when Egypt received 14.7 million travelers. A tangible increase in tourist flow was recorded in the fourth quarter of 2023 - during this period, 3.6 million foreigners visited the country. This is 8% more compared to the same period in 2022.
In January 2024, Egyptian Deputy Minister of Tourism Gada Shalyabi said that by 2028 the country plans to achieve the target of 30 million tourists. Tourism is one of the main sources of foreign currency in the treasury of Egypt. The country's authorities said they expect to increase tourism profits to $30 billion a year.[2]
Egypt in 2023 was visited by 1.2 million Russian tourists. Such data in February 2023 was cited by the Russian Ambassador to Cairo Georgy Borisenko on the eve of the Day of the Diplomatic Worker.
The Russian tourist flow to Egypt was almost three times less than the record figure in 2014. Then 3.3 million citizens of the Russian Federation came to the country, Borisenko said in a conversation with RIA Novosti.
In 2022, as follows from the statistics of the FSB Border Service, more than 900 thousand tourists from Russia visited Egypt. According to Слетать.ру, by the end of 2023, the average cost of a tour to Egypt increased by 23% on an annualized basis, to 139.6 thousand rubles.
According to Georgy Borisenko, the Russian side is working with colleagues from Egypt to overcome problems that prevent an increase in tourist flow.
| | Many Russians love Egypt and are happy to come here, working with the Egyptian authorities to overcome the existing logistical problems that prevent an increase in the flow of tourists from Russia, the ambassador added. | |
Suez Canal
Main article: Suez Canal
The richest entrepreneurs
Unemployment
2020: Unemployment rate - 8.3%
Consumption
2023: Fish consumption is higher than meat consumption
2019: Average rice consumption: 50.9 kg per person per year
2018: Vegetable consumption - 157 kg per capita
See also
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