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10 financial and economic indicators.. the petroleum sector is regaining its role in the national economy


During the past seven years, the state implemented a comprehensive program of economic and social reform, which resulted in achieving positive results in terms of raising growth rates and reducing the budget deficit, as well as reducing unemployment rates, reducing inflation, and increasing foreign exchange reserves. The petroleum sector, as usual, was strongly present and continued to perform its role as a locomotive for growth. The following are the most important economic indicators achieved by the petroleum sector:

 

1- Achieving a surplus in the petroleum trade balance during the first half of 2020/2021 of about 2.3 billion pounds.

 

2- The petroleum sector achieved for the first time in many years a surplus in the trade balance in 2018/2019, amounting to about 9.9 billion pounds.

 

3- The petroleum sector has succeeded in increasing its gas production capacities to more than 7 billion cubic feet per day at present.

 

4- The petroleum sector succeeded in transforming the growth rate of the gas sector during the previous years from negative 11% to positive 25% in 2018/2019.

 

5- The petroleum sector was able to achieve self-sufficiency in the country in terms of gas and to resume exports.

 

6- The oil and gas sector contributed 27% of the country's GDP in 2018/2019.

 

7- Despite the Corona virus pandemic, the sector was also able in the following fiscal year to contribute about 24% of the GDP.

 

8- The growth rate of the petroleum refining sector reached about 25% in 2019/2020 and this growth is expected to increase with the completion of the new refining capacity increase projects that are currently being implemented with investments of about 7 billion dollars, equivalent to about 108 billion pounds.

 

9- The petroleum sector succeeded in reducing the dues of foreign partners from $6.3 billion in 2011 to $850 million by the end of the fiscal year 2019/2020, with a decrease of more than 86%.

 

10- Gas has been delivered to about 6.1 million housing units, representing about 49% of the total number of units to which natural gas has been delivered since the start of gas delivery activity in Egypt in 1981 (over a period of 40 years), amounting to about 12.4 million housing units.

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