News

Ahead of international conference, a look at key economic indicators for Egypt

CAIRO – Egypt is making its most ambitious push to lure foreign and private investors, hoping to propel growth and provide employment after four years of turmoil that have brutalized the economy since the 2011 uprising that ousted autocrat Hosni Mubarak. President Abdel-Fattah el-Sissi, the former head of the military, has made economic improvement his top priority, promising to wean Egypt off generous aid from Gulf allies.

Here is a look at a number of economic indicators over the last few years.

ECONOMIC GROWTH — Pre-uprising: A high of 7.2 per cent in 2007/2008. Post-uprising: 1.8 per cent in 2010/2011. After foreign aid injection, 2.2 per cent in 2013/2014. Forecast for this fiscal year: 3.8 per cent.

BUDGET DEFICIT — Pre-uprising: Around 8 per cent of GDP. Post-uprising: 13.7 per cent in 2013, one of highest in the world. It hovered around 12 per cent last year.

NET FOREIGN RESERVES — Pre-uprising: A high of $36 billion. Post-uprising: $15.4 billion in February this year.

GROSS NATIONAL DEBT — 2009/2010: 73 per cent of GDP. 2013/2014: 90.5 per cent.

UNEMPLOYMENT — 2010: 8.9 per cent. Current quarter: Estimated 13.1 per cent.

TOURISM REVENUES— Pre-uprising high of $12.5 billion in 2010. Post-uprising: $6 billion in 2013. First three quarters of 2014: $5.3 billion.

FOREIGN DIRECT INVESTMENT — Pre-uprising: Around $13 billion in 2007-2008. Post-uprising: $2.2 billion in 2010/2011. Last year: Nearly $4 billion, but only 1 per cent of GDP.

SUEZ CANAL REVENUES — 2011: Around $5 billion. 2014: A record high of $5.5 billion.

FUNDS FROM GULF: Since the 2013 ouster of the Islamist president, Saudi Arabia, the Emirates, Kuwait and other Gulf countries gave Egypt around $20 billion, according to Egyptian officials.

POVERTY RATE — Pre-uprising: 21.6 per cent of population below poverty line in 2008/2009. Post-uprising: 26.3 per cent below poverty line in 2012/13, with another 20 per cent close to it.