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 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.) GDP (official exchange rate)$255 billion (2012 est.) GDP - real growth rate2% (2012 est.) GDP - per capita (PPP)$6,600 (2012 est.) GDP - composition by sectoragriculture: 14.7% Population below poverty line20% (2005 est.) Labor force27.24 million (2012 est.) Labor force - by occupationagriculture: 32% Unemployment rate12.5% (2012 est.) Unemployment, youth ages 15-24total: 24.8% Household income or consumption by percentage sharelowest 10%: 3.9% Distribution of family income - Gini index34.4 (2001) Investment (gross fixed)13.5% of GDP (2012 est.) Budgetrevenues: $56.64 billion Taxes and other revenues22.2% of GDP (2012 est.) Budget surplus (+) or deficit (-)-10.4% of GDP (2012 est.) Public debt85% of GDP (2012 est.) Inflation rate (consumer prices)8.5% (2012 est.) Central bank discount rate8.68% (31 December 2010 est.) Commercial bank prime lending rate12.5% (31 December 2012 est.) Stock of narrow money$47.73 billion (31 December 2012 est.) Stock of money$31.72 billion (31 December 2008) Stock of quasi money$112.2 billion (31 December 2008) Stock of broad money$192.5 billion (31 December 2012 est.) Stock of domestic credit$178.4 billion (31 December 2012 est.) Market value of publicly traded shares$48.68 billion (31 December 2011) 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 rate0.5% (2011 est.) Current Account Balance-$8.417 billion (2012 est.) Exports$28.37 billion (2012 est.) Exports - commoditiescrude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food Exports - partnersItaly 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.) Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, wood products, fuels Imports - partnersUS 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.) Debt - external$34.88 billion (31 December 2012 est.) Stock of direct foreign investment - at home$73.81 billion (31 December 2012 est.) Stock of direct foreign investment - abroad$6.824 billion (31 December 2012 est.) Exchange ratesEgyptian pounds (EGP) per US dollar - Fiscal year1 July - 30 June |
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Source: CIA World Factbook | |