One of the key areas of development of the Egyptian economy is the extraction and export of energy resources. The country has large oil and gas deposits in the Sinai Peninsula and the Mediterranean Sea regions.
This provides a stable flow of revenue to the state budget and contributes to economic growth.
In addition, Egypt is a major producer of phosphates, which are needed for the production of fertilizers. Phosphate deposits are located in various parts of the country, including the Western and Eastern deserts.
Egypt has a mixed economy, combining various forms of ownership and economic activity. Historically, agriculture has been an important sector, but in recent years, more and more attention has been paid to industrialization and the service sector. Energy, tourism and information technology play a crucial role in the Egyptian economy.
Gross domestic product (GDP) increased to $2.1 trillion in 2023, exceeding the target of $1.9 trillion. GDP growth is due to the development of tourism, revenues from duties on crossing the Suez Canal and oil exports in 2022-2023. Inflation in 2023 averaged about 24.8%, unemployment fell to 7% in 2023, compared to 9.6% in 2020.