Public Sector wages Rise 11.6 percent in FY 2023/2024

Egypt’s Central Agency for Public Mobilisation and Statistics (CAPMAS) released on Wednesday its annual bulletin on the financial performance of public sector and state-owned enterprise companies, excluding banks and insurance firms, for the fiscal year 2023/2024. 

The value of fixed assets stood at EGP 1.07 trillion in 2023/2024, up 22.8 percent from EGP 871.3 billion in 2022/2023. Projects under implementation totalled EGP 142.4 billion, a 43.5 percent increase from EGP 99.3 billion the previous year. Net invested capital reached EGP 1.1 trillion, compared to EGP 860.8 billion in the previous year, representing a 27.4 percent increase.

For public sector companies alone, projects under implementation totalled EGP 65.3 billion in 2023/2024, representing a 32.7 per cent increase from EGP 49.2 billion the previous year. Net invested capital in these companies increased to EGP 282.3 billion, up from EGP 196.4 billion in the 2022/2023 fiscal year, representing a 43.8 percent rise.

Meanwhile, wages for employees in the public sector rose to EGP 43.3 billion in 2023/2024, compared with EGP 38.8 billion a year earlier—an increase of 11.6 percent.