Egypt Economy Profile 2013

Economy - overview

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.

GDP (purchasing power parity)

$537.8 billion (2012 est.)
$527.4 billion (2011 est.)
$518.2 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$255 billion (2012 est.)

GDP - real growth rate

2% (2012 est.)
1.8% (2011 est.)
5.1% (2010 est.)

GDP - per capita (PPP)

$6,600 (2012 est.)
$6,600 (2011 est.)
$6,600 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector

agriculture: 14.7%
industry: 37.4%
services: 47.9% (2012 est.)

Population below poverty line

20% (2005 est.)

Labor force

27.24 million (2012 est.)

Labor force - by occupation

agriculture: 32%
industry: 17%
services: 51% (2001 est.)

Unemployment rate

12.5% (2012 est.)
12% (2011 est.)

Unemployment, youth ages 15-24

total: 24.8%
male: 17.2%
female: 47.9% (2007)

Household income or consumption by percentage share

lowest 10%: 3.9%
highest 10%: 27.6% (2005)

Distribution of family income - Gini index

34.4 (2001)

Investment (gross fixed)

13.5% of GDP (2012 est.)

Budget

revenues: $56.64 billion
expenditures: $83.24 billion (2012 est.)

Taxes and other revenues

22.2% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

-10.4% of GDP (2012 est.)

Public debt

85% of GDP (2012 est.)
83.6% of GDP (2011 est.)
note: data cover central government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions

Inflation rate (consumer prices)

8.5% (2012 est.)
10.2% (2011 est.)

Central bank discount rate

8.68% (31 December 2010 est.)
8.5% (31 December 2009 est.)

Commercial bank prime lending rate

12.5% (31 December 2012 est.)
11.03% (31 December 2011 est.)

Stock of narrow money

$47.73 billion (31 December 2012 est.)
$42.25 billion (31 December 2011 est.)

Stock of money

$31.72 billion (31 December 2008)
$27.6 billion (31 December 2007)

Stock of quasi money

$112.2 billion (31 December 2008)
$102.6 billion (31 December 2007)

Stock of broad money

$192.5 billion (31 December 2012 est.)
$171.7 billion (31 December 2011 est.)

Stock of domestic credit

$178.4 billion (31 December 2012 est.)
$169.1 billion (31 December 2011 est.)

Market value of publicly traded shares

$48.68 billion (31 December 2011)
$82.49 billion (31 December 2010)
$89.95 billion (31 December 2009)

Agriculture - products

cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats

Industries

textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures

Industrial production growth rate

0.5% (2011 est.)

Current Account Balance

-$8.417 billion (2012 est.)
-$6.521 billion (2011 est.)

Exports

$28.37 billion (2012 est.)
$27.91 billion (2011 est.)

Exports - commodities

crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food

Exports - partners

Italy 8.7%, India 7.3%, Saudi Arabia 6.1%, US 5.2%, Turkey 4.9%, Spain 4.2%, France 4.2% (2011)

Imports

$58.76 billion (2012 est.)
$55.07 billion (2011 est.)

Imports - commodities

machinery and equipment, foodstuffs, chemicals, wood products, fuels

Imports - partners

US 10.7%, China 9.1%, Germany 6.3%, Italy 5.1%, Kuwait 4.7%, Turkey 4.4%, Saudi Arabia 4.3% (2011)

Reserves of foreign exchange and gold

$15.26 billion (31 December 2012 est.)
$17.66 billion (31 December 2011 est.)

Debt - external

$34.88 billion (31 December 2012 est.)
$33.75 billion (31 December 2011 est.)

Stock of direct foreign investment - at home

$73.81 billion (31 December 2012 est.)
$72.61 billion (31 December 2011 est.)

Stock of direct foreign investment - abroad

$6.824 billion (31 December 2012 est.)
$6.074 billion (31 December 2011 est.)

Exchange rates

Egyptian pounds (EGP) per US dollar -
6.05 (2012 est.)
5.9358 (2011 est.)
5.6219 (2010 est.)
5.545 (2009)
5.4 (2008)

Fiscal year

1 July - 30 June