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GDP to grow 5.6% annually between 2020 and 2030: HSBC Oil contribution to exports to drop to 14% by 2030, electronics exports may rise at 11% per annum during next 15 years
Egypt's growth domestic product (GDP) is expected to grow at a rate of 5.6% per annum in the decade up to 2030, said Amr Bahey, Head of Large Corporate at HSBC. Bahey attributed this growth to the inflows of foreign investments that seek to fund grand projects. This figure is lower than the government's predictions, which estimate the growth rate will be around 6%. Bahey discussed the results of the latest HSBC economic report on Egypt, saying that the contribution of oil and gas exports in Egypt's total exports is predicted to decline from 25% in 2015-2020 to 14% by 2030. During the same period, contributions of food and animal products will also drop to 7%, compared to the current 16%. China and India are predicted to be among the largest trade partners; exports destinations of Egyptian products in 2030 will be India, Saudi Arabia and Turkey. These countries are followed by the UAE and the US. The top imports will be from China, India, the US, Turkey and Germany, the HSBC report highlighted. "Asian economies will be the fastest growing sources of merchandise imports for Egypt over the forecast period," the report said. "We expect the value of imports from China and Vietnam (both at 12% per annum) as well as India (11% per annum) to lead this expansion." The report added that the imports composition is expected to witness a minimal change over the coming 15 years. Industrial machinery will comprise 19% by 2030, compared to the current 17%. The information technology sector can be expected to grow with the presence of a stable economic environment, Bahey said. Exports of electronics is forecast to rise by 11% per annum between 2015 and 2030.
