Egypt Economy 5-29-24

Egypt has a very low Labor force participation rate and a very high population. 

Nominal GDP $398.397B, Per capita GDP $3770.13, Population 112,716,598, Debt to GDP 92.7%. Inflation 20.4%, Unemployment 7.5%, Labor force 23.87%, Average Salary $5,065/yr, Exports $35.63B, Imports $72.54B, Trade deficit $36.91B, Population is 43% Urban and 57% rural. Homelessness in Egypt is an issue affecting some 12 million people in the country. Egypt is 66% desert.

Exports include refined petroleum, crude petroleum, petroleum gas, nitrogenous fertilizers and gold^.. Export partners include Turkey, Italy, US, Spain, India, UAE, Saudi Arabia, France, UK and Greece.

Imports include refined petroleum, wheat, cars, crude petroleum and maize. Import partners include China, US, Saudi Arabia, UAE, Turkey, India, Germany Italy Brazil and France.

Main Industries include textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals and light manufacturing

Egypt's economy relies mainly on agriculture, media, petroleum imports, natural gas, and tourism.

In 2023, Egypt's import list featured the following prominent commodities: petroleum products with a value of $7.4 billion, iron or steel raw materials worth $4.2 billion, wheat valued at $3.8 billion, medicines and pharmaceutical preparations totaling $3.6 billion - Mar 14, 2024

Exports $35.63B

Oil                 $12.9B

Natural Gas  $2.081B

Gold             $891.26M

Chemicals    $6.6B

Total            $22.47B

With high population growth, Egypt continues to rely on imports for more than 50 percent of its food and agricultural product needs. With limited agricultural resources, low agricultural productivity, and a rapidly growing population, Egypt is the world's largest wheat importer. Arable land in Egypt is 3%.

The Egyptian government subsidizes for 60% of its citizens. The US imports $1.9B in food to Egypt.

Monthly apartment rent is advertised at $165 to $319 in for 900sq feet.  In cities, monthly apartment rent is $250 to $650.

67% of Egyptian citizens own property. Housing cost in large cities is high. This suggests intergenerational wealth is at play. Grand Parents and Parents are leaving paid-off homes to their kids.

Education in Egypt is divided into secular and Islamic options. Within secular education there are public, private and international schools. Islamic schools, known as Al-Azhar schools, run a curriculum similar to the standard national curriculum, but with extra emphasis on Islamic values and Quran studies.

Education system. The public education system in Egypt consists of three levels: the basic education stage for 4–14 years old: kindergarten for two years followed by primary school for six years and preparatory school (ISCED Level 2) for three years. Curriculum: Agriculture, english, arabic, arts, music, social studies, mathematics, religious studies, and industrial education. Some of the schools also provide European languages, usually Spanish or French.

Egypt's job market is characterized by a growing demand for skilled professionals in various sectors, including technology, healthcare, renewable energy, e-commerce, finance, content creation, data science, customer service, construction, and marketing.

Comments

Egypt has a population of 112,716,598 with a Nominal GDP of $398,397B, the size of a small state with a fraction of Egypt’s population. This is too many people with too little money. Egypt needs to grow their economy, but their Debt to GDP is rising. Egypt needs to develop more export business by investing to develop more products it can export. They need to produce what they consume to reduce their Trade Deficit.

Norb Leahy, Dunwoody GA Tea Party Leader