Egyptian cabinet publishes figures on economic performance between 2009, 2021



CAIRO – July 10, 2021: The Cabinet Media Center on Saturday released figures reflecting the improvement in the country’s economic performance following Egypt’s economic reform program launched in 2016.

Economic growth plunged in 2011 but gradually recovered. Although it has declined due to COVID-19, Egypt’s GDP has been one of the few in the world to remain positive. The figures are: 5.2% for the 2009/2010 financial year; 1.8% during the 2010/2011 financial year; 2.2% during the 2011/2012 financial year; 2.2% during the 2012/2013 financial year; 2.9% during the 2013/2014 financial year; 4.4% over the 2014/2015 and 2015/2016 financial years; 4.2% during the 2016/2017 financial year; 5.3% during the 2017/2018 financial year; 5.6% for the 2018/2019 financial year; and 3.6% during the 2019/2020 financial year. The projections for the 2020/2021 and 2021/2022 financial years are 2.8% and 5.4% respectively.

GDP (current prices) has not fallen once since 2009. The figures are LE 1.2 trillion for the fiscal year 2009/2010; LE 1.3 trillion in fiscal year 2010/2011; LE 1.7 trillion in fiscal year 2011/2012; LE 1,900 billion in fiscal year 2012/2013; LE 2,200 billion in fiscal year 2013/2014; LE2.5 during the 2014/2015 financial year; LE 2.7 trillion in the 2015/2016 financial year; 3,400 billion LE in the 2016/2017 financial year; LE 4.3 trillion in the 2017/2018 financial year; LE 5.2 trillion in the 2018/2019 financial year; and LE 5.5 trillion in fiscal year 2019/2020. The projections for the financial years 2020/2021 and 2021/2022 are respectively LE 6.4 and 7.1 billion.

The value of public investments is LE 105.1 billion in fiscal year 2009/2010; LE 87.4 billion in fiscal year 2010/2011; LE 92.5 billion in fiscal year 2011/2012; LE 95.9 billion in fiscal year 2012/2013; 110.5 billion LE in the 2013/2014 financial year; 147.8 billion LE in the 2014/2015 financial year; 181.4 billion LE in the 2015/2016 financial year; LE 300.8 billion in the 2016/2017 financial year; LE470.5 during the 2017/2018 financial year; LE 513.7 billion during the 2018/2019 financial year; LE 473.8 billion in fiscal year 2019/2020; LE637 during the 2020/2021 financial year; and LE 933 billion in allocations during the 2021/2022 financial year.

Since 2010, the unemployment rate had increased until 2014, before continuing to decline. 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 fluctuated over the past decade. The figures are 8.1% for the 2009/2010 financial year; 9.8% during the 2010/2011 financial year; 10% during the 2011/2012 financial year; 12.9% for the 2012/2013 financial year; 12% during the 2013/2014 financial year; 11.4% during the 2014/2015 financial year; 12.5% ​​during the 2015/2016 financial year; 10.9% during the 2016/2017 financial year; and 9.7% during the 2017/2018 financial year.

The primary surplus continued to increase between 2009 and 2013 when it had fallen sharply before rebounding in 2019. The figures are 2.1% for the 2009/2010 financial year; 3.6% during the 2010/2011 financial year; 3.7% during the 2011/2012 financial year; 5% during the 2012/2013 financial year; 3.9% during the 2013/2014 financial year; 3.5% over the 2014/2015 and 2015/2016 financial years; 1.8% during the 2016/2017 financial year; 0.1% during the 2017/2018 financial year; 1.9% during the 2018/2019 financial year; 1.8% during the 2019/2020 financial year; and 1.1% during the 2020/2021 financial year.

Revenue and expenditure quadrupled between fiscal year 2009/2010 and fiscal year 2020/2021. Revenue increased from LE 268.1 billion to LE 1.1 trillion, while spending was LE 1.6 trillion compared to LE 366 billion.

As for the inflation rate, it fluctuated between 2009 and 2016. However, it had increased exponentially the day after the currency float in November 2016 before falling in 2020. The figures are 11.7% on the 2009/2010 fiscal year; 11% during the 2010/2011 financial year; 8.6% during the 2011/2012 financial year; 6.9% during the 2012/2013 financial year; 10.1% during the 2013/2014 financial year; 11% during the 2014/2015 financial year; 10.2% during the 2015/2016 financial year; 23.5% during the 2016/2017 financial year; 20.9% for the 2017/2018 financial year; 13.9% for the 2018/2019 financial year; 5.7% for the 2019/2020 financial year; and 4.5% during the 2020/2021 financial year.

From 2011 to 2013, foreign exchange reserves were depleted rapidly before surpassing 2010 levels in 2018. They increased slightly the following year but fell in 2020 due to the pandemic. However, they showed a 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.

Suez Canal revenues grew 16.7%, registering $ 5.6 billion in 2020, from $ 4.8 billion in 2010. Remittances from Egyptian expatriates increased 260%, reaching 33. $ 4 billion between July 2020 and June 2021, compared to $ 6.5 billion between July 2009 and June 2010. And, FDI increased by 11.6%, registering $ 4.8 billion between July 2020 and June 2021 , compared to $ 4.3 billion between July 2009 and June 2010.



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