Egypt Current Account to GDP Ratio
Egypt's current account deficit widened to -5.3% of GDP in 2024, down from -1.2% in 2023. This is the lowest current account to GDP ratio since 2017. The deficit increased due to a sharp decline in Suez Canal revenues which fell by over 60% from $10.25 billion in 2023 to $3.991 billion in 2024. This drop resulted from Red Sea shipping disruptions. The merchandise trade deficit also expanded, moving from $31.2 billion in 2023 to an estimated $39.6 billion in 2024. This expansion was driven by higher imports and lower exports. The oil-trade balance shifted from a surplus of $410 million in fiscal year 2022/2023 to a deficit of $7.6 billion in fiscal year 2023/2024. This change was primarily caused by an $8.1 billion reduction in oil exports. Egypt's record low current account to GDP was -6.1% in 2017 and its record high was -1.2% in 2023.
Yearly Historical Data (2015-2024)
(in %)Egypt's current account to GDP shows the current account balance as a percentage of its gross domestic product. It's calculated by dividing the current account balance (goods, services, income and current transfers) by GDP. A negative value implies a current account deficit, whereas a positive value indicates a surplus.