Economy in Egypt – Georgia State University

The Economic Environment in Egypt

In 2017, the Gini index coefficient was 31.5%, placing it 143rd internationally.
There is a high rate of inflation. In August 2022, the most recent annual inflation rate was recorded; it was 13.6% before. The current rate is 14.6%.
By 2021, the GDP will be $404.14 billion, ranking third in Africa with a 3.3% annual growth rate (31st in Africa). Real GDP (PPP) was $1,223.04 billion in 2020, placing the country first in Africa and 20th overall.
Egypt’s GDP per capita is $3,876.40, ranking 11th in Africa, with an annual growth rate of 1.4% (2021). Its GDP per capita, PPP was $12,121.16, ranking 8th in Africa and above the continent’s average of $5,774.58.
The cost of starting a business in Egypt is rated as average in Africa. That is, 20.3% of income per capita, ranking 49th out of 186 countries and 27th in Africa (2020).

The main commodities for export in 2019 are crude oil, refined oil, gold, natural gas, and fertilizers.
2019’s top imports include refined petroleum, wheat, crude petroleum, automobiles, and packaged medications.
Industrial commodities include textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, and light manufacturing. At 3.5% as of 2017, the industrial production growth rate ranked 84th internationally.

B+ grade is given by Fitch (2019).
B2 is given by Moody’s rating (2022).
B rating from S&P (2019).
As of September 2022, the interest rate is 11.25%, unchanged from the prior year.

As of March 2022, bank credit to private non-financial enterprises was 1270.99 billion Egyptian pounds, up 25.41% from the previous 12 months.
As of December 2021, both the corporate and personal income tax rates were 22.5 percent.
Egypt has the lowest cost of living in both Africa and the world, with a score of 27.37. (2017)
Egypt’s Investment Freedom Index score is 65, higher than the average for Africa of 51, placing it seventh in Africa and 68th overall (2022).
Egypt’s Business Freedom Index is 54, higher than the average for Africa of 46, placing it 14th in Africa and 122nd worldwide as of 2022.
Egypt has the lowest cost of living in both Africa and the world, with a score of 27.37. (2017).

The unemployment rate is lower than the 10.41% average for Africa. 9.33% is the most current recorded unemployment rate for 2021, ranking 56th overall and 22nd in Africa.
Egypt has the 12th-highest female unemployment rate in Africa (24.28% in 2021), and the 30th-highest male unemployment rate (5.91% in 2021).
Only 27.83 million people are employed as of 2Q22, a 3.09% rise over the previous year, with a 41.26% labor force participation rate (ranked 49 in Africa and 173 overall).