Egypt's Cabinet publishes figures on economic performance between 2009, 2021

CAIRO – 10 July 2021: The Media Center of the Cabinet released Saturday figures reflecting the improvement in the country's economic performance as a result of the economic reform program Egypt embarked on in 2016.

Economic growth was sent to dive in 2011 but has been gradually recovering. Although it declined because of COVID-19, Egypt's GDP has been one of a few worldwide that remained positive. The figures are: 5.2% in FY2009/2010; 1.8% in FY2010/2011; 2.2% in FY2011/2012; 2.2% in FY2012/2013; 2.9% in FY2013/2014; 4.4% in FY2014/2015 and FY2015/2016; 4.2% in FY2016/2017; 5.3% in FY2017/2018; 5.6% in FY2018/2019; and, 3.6% in FY2019/2020. Projections for FY2020/2021 and FY2021/2022 are 2.8% and 5.4%, respectively.  

The GDP (current prices) has not declined once since 2009. The figures are LE1.2 trillion in FY2009/2010; LE1.3 trillion in FY2010/2011; LE1.7 trillion in FY2011/2012; LE1.9 trillion in FY2012/2013; LE2.2 trillion in FY2013/2014; LE2.5 in FY2014/2015; LE2.7 trillion in FY2015/2016; LE3.4 trillion in FY2016/2017; LE4.3 trillion in FY2017/2018; LE5.2 trillion in FY2018/2019; and, LE5.5 trillion in FY2019/2020. Projections for FY2020/2021 and FY2021/2022 are LE6.4 trillion and LE7.1 trillion, respectively.

The value of public investments is LE105.1 billion in FY2009/2010; LE87.4 billion in FY2010/2011; LE92.5 billion in FY2011/2012; LE95.9 billion in FY2012/2013; LE110.5 billion in FY2013/2014; LE147.8 billion in FY2014/2015; LE181.4 billion in FY2015/2016; LE300.8 billion in FY2016/2017; LE470.5 in FY2017/2018; LE513.7 billion in FY2018/2019; LE473.8 billion in FY2019/2020; LE637 in FY2020/2021; and LE933 billion worth of allocations in FY2021/2022.

Since 2010, the unemployment rate had been rising until 2014 when it kept declining. The figures are 9% in 2010; 12% in 2011; 12.7% in 2012; 13.2% in 2013; 13% in 2014; 12.8% in 2015; 12.5% in 2016; 11.8% in 2017; 9.9% in 2018; and, 7.9% in 2019 and 2020. The projection for 2021 is 7.8%.

The Debt-to-GDP Ratio has been fluctuating over the past decade. The figures are 8.1% in FY2009/2010; 9.8% in FY2010/2011; 10% in FY2011/2012; 12.9% in FY2012/2013; 12% in FY2013/2014; 11.4% in FY2014/2015; 12.5% in FY2015/2016; 10.9% in FY2016/2017; and, 9.7% in FY2017/2018.

The primary surplus kept rising between 2009 and 2013 when it had dropped drastically before achieving a rebound in 2019. The figures are 2.1% in FY2009/2010; 3.6% in FY2010/2011; 3.7% in FY2011/2012; 5% in FY2012/2013; 3.9% in FY2013/2014; 3.5% in FY2014/2015 and FY2015/2016; 1.8% in FY2016/2017; 0.1% in FY2017/2018; 1.9% in FY2018/2019; 1.8% in FY2019/2020; and, 1.1% in FY2020/2021.

Both revenues and expenditure increased fourfold between FY2009/2010 and FY2020/2021. Revenues became LE1.1 trillion up from LE268.1 billion, while expenditure recorded LE1.6 trillion up from LE366 billion.

With regard to the inflation rate, it was fluctuating between 2009 and 2016. Yet, it had increased exponentially in the aftermath of the currency floating in November 2016 before falling in 2020. The figures are 11.7% in FY2009/2010; 11% in FY2010/2011; 8.6% in FY2011/2012; 6.9% in FY2012/2013; 10.1% in FY2013/2014; 11% in FY2014/2015; 10.2% in FY2015/2016; 23.5% in FY2016/2017; 20.9% in FY2017/2018; 13.9% in FY2018/2019; 5.7% in FY2019/2020; and 4.5% in FY2020/2021.

From 2011 until 2013, foreign reserves had been depleting fast before exceeding 2010 levels in 2018. They slightly rose the following year but dropped in 2020 due to the pandemic. However, they showed recovery in 2021. The figures are $35.2 billion in June 2010; $26.6 billion in June 2011; $15.5 billion in June 2012; $14.6 billion in June 2013; $16.7 billion in June 2014; $20.1 billion in June 2015; $17.5 billion in June 2016; $31.3 billion in June 2017; $44.3 billion in June 2018; $44.5 billion in June 2019; $38.2 billion in June 2020; and, $40.6 billion in June 2021.

The Suez Canal revenues rose by 16.7% recording $5.6 billion in 2020 up from $4.8 billion in 2010. Egyptian expats' remittances hiked by 260% hitting $33.4 billion between July 2020 and June 2021 up from $6.5 billion between July 2009 and June 2010. And, FDI increased by 11.6 percent recording $4.8 billion between July 2020 and June 2021 up from $4.3 billion between July 2009 and June 2010.