Egyptian Economy

Egyptian - Economic outlook

Egypt continues to experience economic recovery. Structural reforms were accompanied by an economic recovery which was primarily export-driven. Reductions in taxes have drawn more firms and workers into the formal economy. The current account surplus is growing and the upswing is expected to continue as new facilities for exporting natural gas come on stream.

The country's private sector is gaining ground. In recent years, the private sector percentage of overall Egyptian GDP has been growing at about 1.5% per year, with about 40% of Egypt's state-owned firms having been privatised since 1994.

Significant reforms include a re-launch of the privatisation programme and the conclusion of an association agreement with the EU which provides for multi-year reductions in EU imports. In the financial sector, a law to promote the development of a mortgage market has been implemented and regulations to criminalise money laundering have been approved.