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Egypt Economy Profile 2014

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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 aggressively pursued economic reforms to attract foreign investment and facilitate growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.
GDP (purchasing power parity)$551.4 billion (2013 est.)
$541.5 billion (2012 est.)
$529.7 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$262 billion (2013 est.)
GDP - real growth rate1.8% (2013 est.)
2.2% (2012 est.)
1.8% (2011 est.)
GDP - per capita (PPP)$6,600 (2013 est.)
$6,600 (2012 est.)
$6,600 (2011 est.)
note: data are in 2013 US dollars
Gross national saving12.3% of GDP (2013 est.)
13.1% of GDP (2012 est.)
13.8% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 78.6%
government consumption: 11.8%
investment in fixed capital: 14.3%
investment in inventories: 0.4%
exports of goods and services: 18%
imports of goods and services: -23.2%
(2013 est.)
GDP - composition by sectoragriculture: 14.5%
industry: 37.5%
services: 48% (2013 est.)
Population below poverty line22% (2008 est.)
Labor force27.69 million (2013 est.)
Labor force - by occupationagriculture: 29%
industry: 24%
services: 47% (2011 est.)
Unemployment rate13.4% (2013 est.)
12.7% (2012 est.)
Unemployment, youth ages 15-24total: 24.8%
male: 14.7%
female: 54.1% (2010)
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: $45.57 billion
expenditures: $80.42 billion (2013 est.)
Taxes and other revenues17.4% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-13.3% of GDP (2013 est.)
Public debt92.2% of GDP (2013 est.)
88% of GDP (2012 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)9% (2013 est.)
7.1% (2012 est.)
Central bank discount rate8.75% (5 December 2013 est.)
8.68% (31 December 2010 est.)
Commercial bank prime lending rate11% (31 December 2013 est.)
12% (31 December 2012 est.)
Stock of narrow money$47.8 billion (31 December 2013 est.)
$45.33 billion (31 December 2012 est.)
Stock of broad money$191.2 billion (31 December 2013 est.)
$183.6 billion (31 December 2012 est.)
Stock of domestic credit$163.6 billion (31 December 2013 est.)
$192.5 billion (31 December 2012 est.)
Market value of publicly traded shares$63.49 billion (23 January 2014 est.)
$58.01 billion (31 December 2012)
$48.68 billion (31 December 2011 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 rate1.4% (2013 est.)
Current Account Balance-$6.035 billion (2013 est.)
-$9.136 billion (2012 est.)
Exports$24.81 billion (2013 est.)
$24.93 billion (2012 est.)
Exports - commoditiescrude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food
Exports - partnersItaly 7.9%, India 6.9%, US 6.8%, Saudi Arabia 6.2%, Turkey 5.3%, Libya 4.9% (2012)
Imports$59.22 billion (2013 est.)
$60.26 billion (2012 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partnersChina 9.5%, US 7.6%, Germany 6.7%, Russia 5.3%, Ukraine 5.3%, Turkey 5.1%, Italy 5% (2012)
Reserves of foreign exchange and gold$17.03 billion (31 December 2013 est.)
$14.93 billion (31 December 2012 est.)
Debt - external$48.76 billion (31 December 2013 est.)
$38.69 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$76.76 billion (31 December 2013 est.)
$75.41 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$6.475 billion (31 December 2013 est.)
$6.285 billion (31 December 2012 est.)
Exchange ratesEgyptian pounds (EGP) per US dollar -
6.91 (2013 est.)
6.0608 (2012 est.)
5.6219 (2010 est.)
5.545 (2009)
5.4 (2008)
Fiscal year1 July - 30 June

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014