Egypt’s GDP per capita has increased significantly from 1995 to 2022, growing by an average of
2.3% (per capita) annually from the 1990’s to today. This is half of the 4.3% GDP annual growth
however and this is due to Egypt’s rapid population growth over the same time span. GDP per
capita reached almost $4000 US in 2021, up from $3600 US in 2020.
Since the 1990’s, Egypt has relaxed many price controls, reduced subsidies, reduced inflation,
cut taxes, and partially liberalized trade and investment. Multiple public sector reforms
and privatizations have enhanced opportunities for the private sector. Even more so, since
2004, the increased pace of structural reforms helped Egypt move towards a more marketoriented economy and prompted increased foreign investment, this helped through its banking
sector reforms. All of the reforms and policies created macroeconomic annual growth results
that explains the above graph growth in GDP. The country’s economy also benefited from its
proximity to Europe, its political stability and its increased exports coming from its improved
economic reforms. As Egypt's economy healed, other prominent issues
like unemployment and poverty began to decline. The rapid GDP growth for Egypt has made it is
one of the fastest growing economies in north Africa and the Middle East and it is now Africa’s
third largest economy, accounting for 12.5% of continental GDP.
Its economy has changed significantly over the last few years and has become less dependent
on traditional sectors, such as agriculture, but more dependent on value added ones, such as
the manufacturing sector that now represents 16% of total GDP in 2019, making it higher than
Africa’s average of 11%.
Construction, non-financial services, and domestic wholesale and retail trades are today largely
private. This has promoted a steady increase of GDP and the continental higher than average
annual growth rate the country has had over the years.
Currently, GDP is rising by 7% per annum due to a successful diversification plan, including
technology and telecommunications. Egypt is now today one of Africa’s largest start-up hubs
with plenty of foreign investments coming into the country.
Egypt’s vision 2030 has more recently contributed and continues to this day to contribute to the
high, more recent, economic growth. The 2030 vision of Egypt, is an ambitious program
launched in 2016 by the Egyptian Government and is composed of massive government
investment opportunities, such as the Hayah Karima project, the new administrative capital and
local military manufacturing programs.
The Hayah Karima project is the social dimension of Egypt Vision 2030. It targets Egypt's most
impoverished and vulnerable segments of the society in the countryside and remote villages
mainly. It aims to provide decent housing, quality medical and educational services, and the
necessary and basic infrastructure for the most impoverished and deprived rural villages and
remote areas in Egypt that are needed for a decent life. Overall, with its 3 phases, the
megaproject aims to significantly improve the quality of life and livelihood of 60 million
Egyptians living in the countryside.
The New Administrative Capital, Egypt's new capital city is the largest project in modern Egypt,
which includes many of Egypt's planned and current mega projects under construction. These
mega projects include the Iconic Tower, The Octagon, Oblisco Capitale, Capital Park, Al-Fattah
Al-Aleem Mosque, Cathedral of the Nativity of Christ and the Central Business
District (CBD), Olympic City, Capital International Airport.
Egypt's Ministry of Military Production has developed an investment plan to develop the
country's system of military manufacture. The overall plan aims to meet the needs of
the Egyptian Armed Forces from 2020 to 2030. It is built to favor investment in different military
sectors, such as ammunition, weapons, and equipment manufacturing.
https://www.ceicdata.com/en/indicator/egypt/gdp-per-capita
https://www.oecd-ilibrary.org/sites/0628d72cen/index.html?itemId=/content/component/0628d72c-en#section-d1e2653
https://en.wikipedia.org/wiki/Economy_of_Egypt
https://www.imf.org/en/News/Articles/2015/09/28/04/53/socar021308a
https://www.oecd.org/dev/36739719.pdf
https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/Economic_Brief__Employment_and_Productivity_Growth_in_Egypt_in_a_Period_of_Structural_Change_20012008.pdf