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Posted On: 11/10/2009
The World Bank is forecasting 6.5% average annual growth in the Egyptian economy between 2007 and 2011. This is a more optimistic forecast than that of the International Monetary Fund, which is forecasting 4%+ for this year and next year.
According to the same World Bank figures the Egyptian economy grew by almost 100% between 1987 and 1997, around 50% between 1997 and 2006 and by over 20% between 2006 and 2007.
In 1987 the agriculture sector accounted for 20.5% of GDP, industry accounted for 27.1%, manufacturing 16.5% and services accounted for 52.4% of GDP. Industry was the growth sector between then and 2006. By 2006 industry accounted for 38.4% of GDP, the services sector accounted for 47.5% and agriculture for just 14% of GDP.
This is when it changed; industrial growth slowed and was replaced by rapid growth in the services sector. Between 2006 and 2007 services grew to make up 63% of GDP, bringing industry down to 22.8% of GDP.
This is mainly because of massive growth in the tourism industry, as well as in call center and IT outsourcing.
Tourism growth has accelerated massively this year, as Brits take advantage of the cheap holidays on offer in Egypt as the strong Euro makes the traditional favourites expensive. With Sterling looking unlikely to regain its strength anytime soon, if ever this growth in Egyptian tourism is likely to continue for the foreseeable future.
Egypt's economic growth will undoubtedly continue over the next few years. In Egypt 98% of people have access to clean water, more than the regional average (Middle East and North Africa region) of 89%. Life expectancy is also higher than the regional average, as is infant mortality. That said: there is still a lot of poverty in Egypt.
Worldwide businesses have obviously been keen to take advantage of the fact that Egypt has a healthy young workforce, that is willing to work very cheaply. This will continue into the medium term and until the distribution of wealth gap can be closed. Thus Egypt will continue to be a regional hub for outsourcing, and tourism is also expected to see continued growth.
Thus, Egypt will continue to grow economically, and with economic growth goes rising internal demand for property. This will coincide with rising external demand for luxury property as the holidaymakers of today become the holiday home buyers of tomorrow, and investors attempt to capitalise on the rising tourism.
Therefore, Egypt's currently low property prices will see continued growth over the short, medium and long term. This Makes Egyptian property an incredibly sound investment.
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