Egypt's official statistics agency CAPMAS (Photo: Al-Ahram)
Egypt’s poverty rate declined to 29.7 percent in FY 2019/2020, down from 32.5 percent two years earlier, according to the poverty, consumption, and income research conducted by the Central Agency for Public Mobilisation and Statistics (CAPMAS).
This is the first time Egypt sees a decrease in its poverty rate since 1999.
Households' net annual income average increased to EGP 69,100 in FY 2019/20, up from EGP 60,400 in FY 2017/18, recording an increase of 15 percent, the study found.
The research results were announced at a press conference on Thursday in the presence of Prime Minister Mostafa Madbouly, Minister of Planning and Economic Development Hala El-Said, and a number of government officials.
The study measures Egyptians' living standards, said Khairy Baraka, head of CAPMAS, adding that prior to 2016 the agency compiled this research every five years and now it's being conducted every two years.
He added that the research was conducted on 26,000 households.
El-Said noted that the research is a cornerstone for the state’s development plans. It also helps in measuring the average consumption and spending of individuals and households.
“This kind of researches helps the government in achieving inclusive and sustainable development, launching programmes that aim at bridging development gaps and decreasing poverty rates, and improving people's living standards," said El-Said.
She stressed that the positive results of the research were attained thanks to the economic reform programme that Egypt implemented in November 2016, adding that the current FY 2020/2021 includes the largest public investment allocations that were increased by 70 percent to reach EGP 595 billion to tackle the effects of the economic reform programme and the challenging impact of the COVID-19 pandemic.