Egypt's economy has seen significant growth in the past decade, with GDP reaching EGP 13,902.6 in 2023/24, a 552.7 per cent increase from EGP 2,130 billion in 2013/14, according to CAPMAS' latest report on Sunday. The report showed that the GDP per capita grew to EGP 130,500 in 2023/2024 from EGP 23,300 in 2013/2014, an increase of 460.1 per cent. Exports rose to $44.8 billion in 2024, up 62.3 per cent from $27.6 billion in 2014. The volume of foreign trade expanded by 37.2 per cent to $139.4 billion. The ratio of exports to imports improved to 47.3 per cent in 2024 from 37.4 per cent in 2014. Agricultural production showed strong gains. Crop production value rose by 522.9 per cent to EGP 1,065.2 billion in 2023, while livestock production rose 442 per cent to EGP 608.1 billion. Fish production grew by 452.9 per cent to EGP 123.3 billion. Meanwhile, Suez Canal transit fees increased 23.5 per cent to $6,632.4 million in 2023/2024. The number of ships passing through the canal rose 14.8 per cent to 20,148 vessels, as marked in the report. Electricity generation climbed 33 per cent to 229.0 gigawatt hours, and electricity consumption rose 21.5 per cent to 178.6 gigawatt hours in 2023/2024. Meanwhile, bank deposits reached EGP 12,103.4 billion, reflecting a 744.2 per cent increase from 2013/2014. Remittances from Egyptians abroad grew 18.4 per cent to $21.9 billion. Additionally, the foreign direct investment surged by 997.6 per cent to $46.1 billion in 2023/2024, compared to $4.2 billion in 2013/2014. Government subsidies nearly doubled to EGP 356.8 billion. While savings deposits in the national fund increased 65.8 per cent to EGP 121.5 billion. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
