Ashmawy explained that the gross domestic product amounted to about $362 billion, equivalent to LE 5.8 trillion,
Around 14.5 percent of Egypt’s gross domestic product (GDP), recording at LE 850 billion, is represented by the wholesale and retail trade sector during FY2019/2020 states First Assistant Minister of Supply and Internal Trade, Ibrahim Ashmawy, said on behalf of Minister, Ali Al-Moselhi.
Ashmawy explained that the gross domestic product amounted to about $362 billion, equivalent to LE 5.8 trillion, and mentioned that the retail trade sector in Egypt represented about LE 500 billion last fiscal year, and is the highest growth in the Middle East.
He added that if the logistics and warehousing sector is included in the wholesale and retail trade sector, its contribution to the GDP will reach 19.5 percent, representing LE 1.2 trillion.
In terms of growth rates, he explained that Egypt is considered the third best country during the last fiscal year, at 3.6 percent, despite the global economic slowdown due to the COVID-19 pandemic.
Official retail trade areas in Egypt reach around 3 million square meters, represented by commercial centers, wholesale markets, logistical areas, retail stores and stores, “but we need 30 million square meters in this sector, but it is compensated by the informal sector,” he added.
The volume of e-commerce, according to the latest statistics issued by the Federation of Egyptian Banks in 2018 amounted to $3.6 billion, and has now reached about $4.8 billion.
The volume of official e-commerce using credit cards has reached LE 80 billion, however Ashmawy believes that the volume of e-commerce that takes place in cash is equivalent to 5 times of that, to record at around LE 400 billion in the event of adding remittances in cash upon delivery on the credit.
