Internet has contributed US$2.5bn in Egypt’s Economy



A new study by Mckinsey & Company has revealed that iGDP (Internet gross domestic product) has topped US$2.5 billion in Egypt.

The company went ahead to report that, “Nigeria, South Africa, Egypt and Morocco have the most diversified iGDP profiles in our sample,” greatly leaving a gaping hole in East Africa.

“Egypt stands out in terms of private investment and public expenditure in per capita terms, although there is room to increase both as a percentage of GDP,” the company added.

Private consumption of the internet took a huge chunk of the iGDP at 63 percent, while public consumption was at 18 percent only. Private investments in IT took 23 percent.

A huge number of Egyptians spend their time on social media sites, accessing emails and reading articles and publications, the study also revealed.

The study matches global standards on iGDP, with more governments and private companies embracing heavy use of ICT in their processes. Here is a chart showing Egypt’s internet growth in 2012:

Egypts internet penetration