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Egypt vs. Libya

Economy

EgyptLibya
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.
Libya's economy, almost entirely dependent on oil and gas exports, struggled during the period 2014-16 as the country plunged into civil war and world oil prices dropped to seven-year lows. In early 2015, armed conflict between rival forces for control of the country’s largest oil terminals caused a decline in Libyan crude oil production, which never recovered to more than one-third of the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. The economy recovered handsomely in 2017 as conflict subsided.

Libya’s economic transition away from QADHAFI’s notionally socialist model has completely stalled as political chaos persists and security continues to deteriorate. Libya’s leaders have hindered economic development by failing to use its financial resources to invest in national infrastructure. The country suffers from widespread power outages in its largest cities, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing, have all declined as the civil war has forced more people to become internally displaced, further straining local resources.

Extremists affiliated with the Islamic State of Iraq and the Levant (ISIL) attacked Libyan oilfields in the first half of 2015; ISIL has a presence in many cities across Libya including near oil infrastructure, threatening future government revenues from oil and gas.
GDP (purchasing power parity)$1.199 trillion (2017 est.)
$1.152 trillion (2016 est.)
$1.104 trillion (2015 est.)
note: data are in 2017 dollars
$63.14 billion (2017 est.)
$40.72 billion (2016 est.)
$41.96 billion (2015 est.)
note: data are in 2017 dollars
GDP - real growth rate4.1% (2017 est.)
4.3% (2016 est.)
4.4% (2015 est.)
55.1% (2017 est.)
-3% (2016 est.)
-10.3% (2015 est.)
GDP - per capita (PPP)$13,000 (2017 est.)
$12,800 (2016 est.)
$12,400 (2015 est.)
note: data are in 2017 dollars
$9,800 (2017 est.)
$6,400 (2016 est.)
$6,600 (2015 est.)
note: data are in 2017 dollars
GDP - composition by sectoragriculture: 11.9%
industry: 33.1%
services: 55.7% (2017 est.)
agriculture: 1.3%
industry: 63.8%
services: 34.9% (2017 est.)
Population below poverty line25.2% (2011 est.)
NA%
note: about one-third of Libyans live at or below the national poverty line
Household income or consumption by percentage sharelowest 10%: 4%
highest 10%: 26.6% (2008)
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)23.5% (2017 est.)
10.2% (2016 est.)
32.8% (2017 est.)
27.1% (2016 est.)
Labor force29.95 million (2017 est.)
1.114 million (2017 est.)
Labor force - by occupationagriculture: 29.2%
industry: 23.5%
services: 47.3% (2013 est.)
agriculture: 17%
industry: 23%
services: 59% (2004 est.)
Unemployment rate12.2% (2017 est.)
12.7% (2016 est.)
30% (2004 est.)
Budgetrevenues: $35.54 billion
expenditures: $55.09 billion (2017 est.)
revenues: $16.33 billion
expenditures: $22.32 billion (2017 est.)
Industriestextiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate3.5% (2017 est.)
76.5% (2017 est.)
Agriculture - productscotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Exports$23.53 billion (2017 est.)
$20.02 billion (2016 est.)
$19.72 billion (2017 est.)
$11.99 billion (2016 est.)
Exports - commoditiescrude oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food
crude oil, refined petroleum products, natural gas, chemicals
Exports - partnersUAE 12.5%, Saudi Arabia 7.7%, Italy 6.5%, Turkey 6.3%, UK 4.6%, US 4.5% (2016)
Italy 24.2%, Egypt 21.1%, Spain 9.5%, France 7.8%, Croatia 5%, Netherlands 5%, China 4.3% (2016)
Imports$53.02 billion (2017 est.)
$56.71 billion (2016 est.)
$12.66 billion (2017 est.)
$11.01 billion (2016 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, wood products, fuels
machinery, semi-finished goods, food, transport equipment, consumer products
Imports - partnersChina 12.9%, Germany 8.7%, US 5.3%, Italy 4.5%, Turkey 4.3%, Saudi Arabia 4.1% (2016)
China 14.4%, South Korea 13.3%, Turkey 10.4%, Italy 5.9% (2016)
Debt - external$76.31 billion (31 December 2017 est.)
$62.38 billion (31 December 2016 est.)
$2.927 billion (31 December 2017 est.)
$3.116 billion (31 December 2016 est.)
Exchange ratesEgyptian pounds (EGP) per US dollar -
18.05 (2017 est.)
10.07 (2016 est.)
10.07 (2015 est.)
7.7133 (2014 est.)
7.08 (2013 est.)
Libyan dinars (LYD) per US dollar -
1.413 (2017 est.)
1.3904 (2016 est.)
1.3904 (2015 est.)
1.379 (2014 est.)
1.2724 (2013 est.)
Fiscal year1 July - 30 June
calendar year
Public debt104.4% of GDP (2017 est.)
111.2% of GDP (2016 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
5.1% of GDP (2017 est.)
7.4% of GDP (2016 est.)
Reserves of foreign exchange and gold$34.02 billion (31 December 2017 est.)
$23.2 billion (31 December 2016 est.)
$69.35 billion (31 December 2017 est.)
$66.05 billion (31 December 2016 est.)
Current Account Balance-$19.83 billion (2017 est.)
-$19.83 billion (2016 est.)
$591 million (2017 est.)
-$4.575 billion (2016 est.)
GDP (official exchange rate)$332.3 billion (2016 est.)
$33.31 billion (2016 est.)
Stock of direct foreign investment - at home$103.6 billion (31 December 2017 est.)
$97.14 billion (31 December 2016 est.)
$19.07 billion (31 December 2017 est.)
$18.96 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad$7.547 billion (31 December 2017 est.)
$7.257 billion (31 December 2016 est.)
$22.77 billion (31 December 2017 est.)
$22.19 billion (31 December 2016 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.)
$NA
Central bank discount rate9.75% (30 October 2014)
8.75% (5 December 2013)
9.52% (31 December 2010)
3% (31 December 2009)
Commercial bank prime lending rate19.5% (31 December 2017 est.)
13.6% (31 December 2016 est.)
7.3% (31 December 2017 est.)
6% (31 December 2016 est.)
Stock of domestic credit$194.1 billion (31 December 2017 est.)
$178.7 billion (31 December 2016 est.)
$16.82 billion (31 December 2017 est.)
$14.14 billion (31 December 2016 est.)
Stock of narrow money$43.56 billion (31 December 2017 est.)
$34.51 billion (31 December 2016 est.)
$76.35 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
Stock of broad money$196.6 billion (31 December 2017 est.)
$146.6 billion (31 December 2016 est.)
$77.89 billion (31 December 2017 est.)
$63.76 billion (31 December 2016 est.)
Taxes and other revenues14.7% of GDP (2016 est.)
49% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-9.8% of GDP (2016 est.)
-18% of GDP (2017 est.)
Unemployment, youth ages 15-24total: 31.3%
male: 28.4%
female: 37.6% (2015 est.)
total: 48.7%
male: 40.8%
female: 67.8% (2012 est.)
GDP - composition, by end usehousehold consumption: 79.2%
government consumption: 12.2%
investment in fixed capital: 17.3%
investment in inventories: 1.3%
exports of goods and services: 13.5%
imports of goods and services: -23.5% (2017 est.)
household consumption: 76.1%
government consumption: 19.4%
investment in fixed capital: 2.8%
investment in inventories: 1.4%
exports of goods and services: 39.7%
imports of goods and services: -39.5% (2017 est.)
Gross national saving9.7% of GDP (2017 est.)
9.1% of GDP (2016 est.)
10.7% of GDP (2015 est.)
1.9% of GDP (2017 est.)
-11% of GDP (2016 est.)
-8% of GDP (2015 est.)

Source: CIA Factbook