Egypt GDP ($ Billions) and Growth Rate
Egypt has seen strong economic growth since the Central Bank of Egypt made the bold move back in November 2016 of liberalizing its economy by fully floating the Egyptian pound (EGP).
This strategic decision marked a pivotal turn for Egypt's financial landscape, aimed at stabilizing the currency and attracting foreign investment. From 2017 to 2021, Egypt’s GDP at current prices grew at 14% CAGR.
Improved infrastructure and increased investments contributed to a steady rise in Egypt's real GDP sustaining a positive momentum growing year on year between 3.3% and 6.7%.
Egypt’s startup ecosystem also grew in step, going from strength to strength; and while much of the world was hit with the VC Winter in 2022, Egypt seemed to continue to attract investment through that year.
It isn’t until 2023, when we see the tables turn.
Currency devaluation in addition to sky-high inflationary pressures has seen the Egyptian economy plummet to pre-2021 levels, and in turn, venture capital funding in the country also finally slowed to a crawl.
What will happen in 2024?
Related Report
Investing in Egypt’s Startup Ecosystem
Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.
