Egypt

Arab Republic of Egypt

egypt-map

egyptOccupying 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 has opened up considerably under former President Anwar EL-SADAT and current President Mohamed Hosni MUBARAK.

Cairo has aggressively pursued economic reforms to encourage inflows of foreign investment and facilitate GDP growth. In 2005, Prime Minister Ahmed NAZIF’s government reduced personal and corporate tax rates, reduced energy subsidies, and privatized several enterprises. The stock market boomed, and GDP grew about 7% each year since 2006. Despite these achievements, the government has failed to raise living standards for the average Egyptian, and has had to continue providing subsidies for basic necessities. The subsidies have contributed to a sizeable budget deficit – roughly 7% of GDP in 2007-08 – and represent a significant drain on the economy.

Foreign direct investment has increased significantly in the past two years, but the NAZIF government will need to continue its aggressive pursuit of reforms in order to sustain the spike in investment and growth and begin to improve economic conditions for the broader population. Egypt’s export sectors – particularly natural gas – have bright prospects.

egypt-cairoGDP (purchasing power parity): $443.7 billion (2008 est.)
country comparison to the world: 27 $413.9 billion (2007 est.)
GDP (official exchange rate): $162.2 billion (2008 est.)
GDP – real growth rate: 7.2% (2008 est.)
country comparison to the world: 31 7.1% (2007 est.)
GDP – per capita (PPP):  $5,400 (2008 est.)
country comparison to the world: 135 $5,200 (2007 est.)
GDP – composition by sector: agriculture: 13.2% industry: 38.7%
services: 48.1% (2008 est.)
Labor force: 24.6 million (2008 est.)
country comparison to the world: 22

Labor force – by occupation:
agriculture: 32%
industry: 17%
services: 51% (2001 est.)
Unemployment rate:
8.4% (2008 est.)
country comparison to the world: 115  9.1% (2007 est.)
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)
country comparison to the world: 90 
Investment (gross fixed):19.1% of GDP (2008 est.)
country comparison to the world: 122

egypt-cultureBudget:
revenues: $40.22 billion
expenditures: $51.07 billion (2008 est.)
Public debt:
85.9% of GDP (2008 est.)
country comparison to the world: 10
Inflation rate (consumer prices):
18.3% (2008 est.)
country comparison to the world: 200
9.5% (2007 est.)
Market value of publicly traded shares:
$85.89 billion (31 December 2008)
country comparison to the world: 43
$139.3 billion (31 December 2007)
$93.48 billion (31 December 2006)
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:
6.1% (2008 est.)
country comparison to the world: 38
Electricity – production:
109.1 billion kWh (2006 est.)
country comparison to the world: 30
Electricity – consumption:
96.2 billion kWh (2006 est.)
country comparison to the world: 30
Electricity – exports:
557 million kWh (2006 est.)
Electricity – imports:
208 million kWh (2006 est.)
Oil – production:
664,000 bbl/day (2007 est.)
country comparison to the world: 28
Oil – consumption:
652,700 bbl/day (2006 est.)
egypt-skylinecountry comparison to the world: 26
Oil – exports:
204,700 bbl/day (2005 est.)
country comparison to the world: 54
Oil – imports:
140,000 bbl/day (2005)
country comparison to the world: 57
Oil – proved reserves:
3.7 billion bbl (1 January 2008 est.)
country comparison to the world: 27
Natural gas – production:
47.5 billion cu m (2007 est.)
country comparison to the world: 19

Natural gas – consumption:
31.8 billion cu m (2007 est.)
country comparison to the world: 25
Natural gas – exports:
15.7 billion cu m (2007 est.)
country comparison to the world: 14
Natural gas – imports:
0 cu m (2007 est.)
country comparison to the world: 187
Natural gas – proved reserves:
1.656 trillion cu m (1 January 2008 est.)
country comparison to the world: 19
Exports:
$29.85 billion (2008 est.)
country comparison to the world: 65
$24.45 billion (2007 est.)
Exports – commodities:
crude oil and petroleum products, cotton, textiles, metal products, chemicals
Exports – partners:
Italy 10.3%, US 7.7%, Spain 6.7%, Syria 5.1%, Saudi Arabia 5%, Japan 4.9%, Germany 4.9%, France 4% (2008)
Imports:
$56.62 billion (2008 est.)
country comparison to the world: 49
$44.95 billion (2007 est.)
Imports – commodities:
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports – partners:
US 10.6%, China 10.2%, Italy 7.5%, Germany 7%, Saudi Arabia 5% (2008)
Reserves of foreign exchange and gold:
$33.85 billion (31 December 2008 est.)
country comparison to the world: 38
$31.37 billion (31 December 2007 est.)
Debt – external:
$32.12 billion (31 December 2008)
country comparison to the world: 63
$32.84 billion (31 December 2007)
Stock of direct foreign investment – at home:
$59.13 billion (31 December 2008 est.)
country comparison to the world: 48
$49.23 billion (31 December 2007 est.)
Stock of direct foreign investment – abroad:
$12.08 billion (31 December 2008 est.)
country comparison to the world: 45
$11.58 billion (31 December 2007 est.)

Exchange rates:
Egyptian pounds (EGP) per US dollar – 5.4 (2008 est.), 5.67 (2007),