You’d be surprised to learn that almost every food product you’ve used is actually artificially flavored – Supermarket in Austria 2012 – Courtesy of High Contrast/Wikimedia Commons
CAIRO – March 23, 2021: Egypt’s wholesale and retail trade sector accounted for around 14.5%, recording LE 850 billion, of gross domestic product (GDP) in the 2019/2020 financial year, Ibrahim said Ashmawy, Deputy Prime Minister for Supply and Internal Trade. on behalf of the minister, Ali Al-Moselhi.
Ashmawy added that if the logistics and warehousing sector is included in the wholesale and retail sector, its contribution to GDP will reach 19.5%, accounting for LE 1.2 trillion.
He explained to the Egyptian Trade and Investment Summit in its second edition in Egypt under the slogan “Towards an interactive map for investment in the retail sector”, that Egypt is considered as the third best country in terms of growth rate in the last fiscal year. despite the Corona pandemic, which affected the global economic slowdown, indicating that the growth rate reached 3.6%, and 5.6% was targeted.
Ashmawy explained that the gross domestic product was around $362 billion, equivalent to LE 5.8 trillion, and mentioned that the retail sector in Egypt was worth around LE 500 billion during of the previous year and that it is the strongest growth in the Middle East.
He pointed out that the official retail area in Egypt reaches 3 million square meters, represented by shopping malls, wholesale markets, logistics areas, retail stores and shops, “but we need 30 million square meters in this sector, but this is compensated by the informal sector”.
In the same context, Ashmawy said that the volume of e-commerce, according to the latest statistics published by the Federation of Egyptian Banks in 2018, amounted to 3.6 billion dollars, while it has now reached around 4, $8 billion.
He pointed out that the volume of official e-commerce using credit cards has reached LE 80 billion, noting that he estimates that the volume of e-commerce that is done in cash is 5 times that of credit cards, for save around LE 400 billion if cash discounts are added to the credit.
