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Egypt Economy Profile 2017

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Economy - overviewOccupying 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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted MUBARAK. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment, which remains above 10%.

Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. In 2015-16, higher levels of foreign investment contributed to a slight rebound in GDP growth after a particularly depressed post-revolution period. In 2016, Cairo enacted a value-added tax, implemented fuel and electricity subsidy cuts, and floated its currency, which led to a sharp depreciation of the pound and corresponding inflation. In November 2016, the IMF approved a $12 billion, three-year loan for Egypt and disbursed the first $2.75 billion tranche.
GDP (purchasing power parity)$1.105 trillion (2016 est.)
$1.064 trillion (2015 est.)
$1.021 trillion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$342.8 billion (2016 est.)
GDP - real growth rate3.8% (2016 est.)
4.2% (2015 est.)
2.2% (2014 est.)
GDP - per capita (PPP)$12,100 (2016 est.)
$12,000 (2015 est.)
$11,800 (2014 est.)
note: data are in 2016 dollars
Gross national saving8.7% of GDP (2016 est.)
10.7% of GDP (2015 est.)
13% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 84.4%
government consumption: 12%
investment in fixed capital: 12.1%
investment in inventories: 0.4%
exports of goods and services: 12.7%
imports of goods and services: -21.6% (2016 est.)
GDP - composition by sectoragriculture: 11.3%
industry: 35.8%
services: 52.9% (2016 est.)
Population below poverty line25.2% (2011 est.)
Labor force31.96 million (2016 est.)
Labor force - by occupationagriculture: 29.2%
industry: 23.5%
services: 47.3% (2013 est.)
Unemployment rate13.1% (2016 est.)
12.8% (2015 est.)
Unemployment, youth ages 15-24total: 34.3%
male: 28.7%
female: 52.2% (2013 est.)
Household income or consumption by percentage sharelowest 10%: 4%
highest 10%: 26.6% (2008)
Distribution of family income - Gini index30.8 (2008)
32.1 (2005)
Budgetrevenues: $60.09 billion
expenditures: $92.37 billion (2016 est.)
Taxes and other revenues17.5% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-9.4% of GDP (2016 est.)
Public debt92.6% of GDP (2016 est.)
90.2% of GDP (2015 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)12.1% (2016 est.)
10.4% (2015 est.)
Central bank discount rate9.75% (30 October 2014)
8.75% (5 December 2013)
Commercial bank prime lending rate12.5% (31 December 2016 est.)
11.63% (31 December 2015 est.)
Stock of narrow money$55.96 billion (31 December 2016 est.)
$66.49 billion (31 December 2015 est.)
Stock of broad money$210.8 billion (31 December 2016 est.)
$243.4 billion (31 December 2015 est.)
Stock of domestic credit$260.3 billion (31 December 2016 est.)
$297.4 billion (31 December 2015 est.)
Market value of publicly traded shares$55.19 billion (31 December 2015 est.)
$70.08 billion (31 December 2014 est.)
$61.63 billion (31 December 2013 est.)
Agriculture - productscotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats
Industriestextiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
Industrial production growth rate0.6% (2016 est.)
Current Account Balance-$18.66 billion (2016 est.)
-$12.18 billion (2015 est.)
Exports$14.73 billion (2016 est.)
$19.03 billion (2015 est.)
Exports - commoditiescrude oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food
Exports - partnersSaudi Arabia 9.1%, Italy 7.5%, Turkey 5.8%, UAE 5.1%, US 5.1%, UK 4.4%, India 4.1% (2015)
Imports$50.07 billion (2016 est.)
$57.17 billion (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partnersChina 13%, Germany 7.7%, US 5.9%, Turkey 4.5%, Russia 4.4%, Italy 4.4%, Saudi Arabia 4.1% (2015)
Reserves of foreign exchange and gold$15.06 billion (31 December 2016 est.)
$15.49 billion (31 December 2015 est.)
Debt - external$50.67 billion (31 December 2016 est.)
$44.61 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$94.51 billion (31 December 2016 est.)
$89.65 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$8.042 billion (31 December 2016 est.)
$7.362 billion (31 December 2015 est.)
Exchange ratesEgyptian pounds (EGP) per US dollar -
9.71 (2016 est.)
7.7133 (2015 est.)
7.7133 (2014 est.)
7.08 (2013 est.)
6.06 (2012 est.)
Fiscal year1 July - 30 June

Source: CIA World Factbook
This page was last updated on July 9, 2017

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