In an inspiring update for the North African region, Egypt’s economy has demonstrated remarkable resilience and growth over the past decade, according to a recent report from the Central Agency for Public Mobilization and Statistics (CAPMAS). With a gross domestic product (GDP) soaring to an impressive EGP 13,902.6 billion in 2023/24, this marks a staggering increase of over 552.7% from EGP 2,130 billion in 2013/14. This positive trend illustrates Egypt’s ongoing economic transformation and development, which is set to continue into the future.
Notably, GDP per capita has also significantly appreciated, with figures climbing to EGP 130,500, a remarkable leap from EGP 23,300 during the previous decade. This acceleration reflects enhanced living standards and economic opportunities for Egyptians nationwide.
Exports are another bright spot, reaching .8 billion in 2024, a striking increase of 62.3% compared to .6 billion a decade ago. This influx of export activity is pivotal, further boosting Egypt’s foreign trade landscape, which has expanded by 37.2%, now totaling 9.4 billion. Additionally, the ratio of exports to imports has improved dramatically, rising to 47.3% from 37.4%, showcasing the country’s commitment to a balanced trade system.
Agriculture remains a cornerstone of Egypt’s economy, with crop production value skyrocketing by 522.9% to EGP 1,065.2 billion. Livestock and fish production have also reported impressive growth, rising 442% and 452.9%, respectively. These advancements not only elevate the economy but also enhance food security in the nation.
In terms of infrastructure, Suez Canal transit fees have surged 23.5% to ,632.4 million, with a commendable rise in the number of vessels passing through the canal, now at 20,148 vessels—up by 14.8%. This vital waterway remains a linchpin for international trade.
Moreover, electricity generation has climbed to 229 gigawatt hours, marking a 33% increase, while electricity consumption has also risen by 21.5%. This growth is crucial for sustaining the rising demand in various sectors.
Banking is feeling the positive effects as well, with deposits swelling to EGP 12,103.4 billion, reflecting a whopping 744.2% increase over the decade. Remittances from Egyptians abroad stood strong at .9 billion, up 18.4%, further cementing the economic backbone for many families.
Perhaps one of the most striking statistics is the foreign direct investment surge, which has nearly tripled, jumping 997.6% to hit .1 billion. This influx signals robust international confidence in Egypt’s economic future.
With government subsidies nearly doubling to EGP 356.8 billion and savings deposits increasing significantly, the government’s proactive measures pave the way for a brighter economic landscape.
Egypt stands as a testament to growth and resilience, and as the country continues to build on this momentum, the future looks promising.
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