GDP of oil sector reaches EGP 303.5B in 18 months

CAIRO – 12 November 2017: A report submitted to Parliament Saturday showed the distribution of the gross domestic product (GDP) across economic sectors in Egypt from March 2016 to September 2017.

The oil sector contributed around EGP 303.5 billion to the GDP of the country, with investments amounting to EGP 91 billion during this period. The oil exports recorded $6.6 billion, while oil imports reached $11 billion.

The oil sector witnessed the implementation of three projects to increase the efficiency and production of petroleum products to cover domestic consumption. The Ministry of Petroleum is establishing another eight projects with total investments of about $8.4 billion.

Minister of Petroleum Tarek El-Molla announced that his ministry is working to begin production of the newly discovered deep-water Zohr gas field in the Mediterranean before the end of this year, according to the project’s timetable.

The GDP in Egypt was worth $336.30 billion in 2016. It averaged $73.84 billion from 1960 until 2016, reaching its all time peak of $336.30 billion in 2016 and a record low of $4 billion in 1962.