The Economy of Egypt used to be highly centralised, focused on import substitution under president Gamal Abdel Nasser (1954–1970). During the rule of president Abdel Fattah el-Sisi (2014–present), the economy follows Egypt’s 2030 Vision. The policy is aimed at diversifying Egypt’s economy.
The country’s economy is the second-largest in Africa after Nigeria regarding nominal GDP and 33rd in the worldwide ranking as of 2022. Since the 2000s, the pace of structural reforms (including fiscal and monetary policies, taxation, privatisation and new business legislation) helped Egypt move towards a more market-oriented economy and prompted increased foreign investment. The reforms and policies have strengthened macroeconomic annual growth results.
Egypt is a significant economic force in the region with a membership in the Greater Arab Free Trade Area, the African Free Trade Zone and the Common Market for Eastern and Southern Africa. Globally, Egypt has a free trade agreement with the European Union (EU) and is a member of the United Nations, the International Monetary Fund, the World Bank and the World Trade Organisation.
Egypt is a significant oil and gas producer, with large sectors in construction, architecture, engineering, health care, telecommunications, and tourism. Investment also goes into chemicals, pharmaceuticals and renewable energy. Egypt’s population of 100 million and a workforce of around 30 million includes a pool of well-educated, highly-trained and often multi-lingual professionals.
Egypt is a lower-middle-income country with an estimated population of 80 million that is growing at an annual rate of just over 2%. Recent reforms in Egypt resulted in spectacular progress at the macro level. The real GDP growth rate reached 7.2% in 2008, while annual GDP growth averaged 4.7% from 2000 to 2008. This was reflected in very healthy economic indicators, such as high growth, a stable exchange rate, commendable accumulation of foreign reserves, a balance of payments surplus and an unprecedented spurt of both domestic and foreign investment.
However, the impressive growth rates witnessed over the past few years did not translate to lower poverty levels, improved income distribution or higher per capita expenditure. This is explained by the fact that this growth was mainly the result of an increase in revenue from the Suez Canal, tourism, oil and worker remittances from the Gulf and was by no means coming from the development of the SME sector or the growth of innovative entrepreneurship.
Egypt (the Arab Republic of Egypt)
Egyptian Pound (EGP)
Eastern European Time (UTC+2)
1 January – 31 December (calendar year)
National Minimum Wage:
EGP 2,700/month (EUR 106.2 – USD 110) since July 2022
Taxpayer Identification Numbers:
Main trading partners:
United States of America, United Arab Emirates, Turkey, Saudi Arabia and Italy.