ICT sector contributes 4.4% to Egypt’s GDP in FY19/20

The  information and communications technology (ICT) sector has been one of the top growing sectors in Egypt despite the coronavirus (COVID-19) pandemic, with a gross domestic product (GDP) of  108 billion Egyptian pounds  in fiscal year 2019/2020,

The ICT sector has increased by 15.2 percent year-on-year (YoY) from  93.5 billion Egyptian pounds.

The CIT sector contributed 4.4 percent to the country’s overall GDP in the last fiscal year, compared to 3.4 percent in FY18/19, according to a new report

Exports of the CIT sector increased by 13 percent YoY to $4.1 billion in 2020 from $3.6 billion a year earlier, the report showed.

Meanwhile, total investments in the sector surged by 35 percent , registering  48.1 billion pounds in FY19/20, compared to 35.4 billion pounds  a in FY18/19.

In the year ended 30 June, a total of 1,336 CIT companies were established with a combined capital of 1.34 billion pounds

The number of mobile phone subscribers rose by 0.8 percent  to 96 million at the end of October, compared to 95.25 million in the same month a year earlier, while ADSL subscribers jumped by 19.9 percent  to 8.6 million from 7.17 million in October 2019.

Internet users made up 57.3 percent of total population in FY19/20, compared to 47.6 percent  in FY18/19.

The cost of communications infrastructure development reached $400 million in the second half (H2) of 2020, raising the internet speed to 33.2 megabits per second in November.