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Egypt:
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Other pages in this profile of Egypt:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. In the last 30 years, the government has reformed the highly centralized economy it inherited from President Gamel Abdel NASSER. 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 5% per year in 2005-06, and topped 7% in 2007. 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 7.5% of GDP in 2007 - 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. |
GDP (purchasing power parity) |
Definition - World rank and map $404 billion (2007 est.) |
GDP (official exchange rate) |
Definition $127.9 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 7.1% (2007 est.) |
GDP - per capita |
Definition - World rank and map $5,500 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 13.8% industry: 41.1% services: 45.1% (2007 est.) |
Labor force |
Definition 22.1 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 32% industry: 17% services: 51% (2001 est.) |
Unemployment rate |
Definition - World rank and map 9.1% (2007 est.) |
Population below poverty line |
Definition 20% (2005 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 3.7% highest 10%: 29.5% (2000) |
Distribution of family income - Gini index |
Definition - World rank and map 34.4 (2001) |
Inflation rate (consumer prices) |
Definition - World rank and map 11% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 21.2% of GDP (2007 est.) |
Budget |
Definition revenues: $35.12 billion expenditures: $44.86 billion (2007 est.) |
Public debt |
Definition - World rank and map 105.8% of GDP (2007 est.) |
Agriculture - products |
Definition cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats |
Industries |
Definition textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures |
Industrial production growth rate |
Definition - World rank and map 7.5% (2007 est.) |
Electricity - production |
Definition - World rank and map 102.5 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 84.49 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 1,034 kWh (2005) |
Electricity - exports |
Definition 946 million kWh (2005) |
Electricity - imports |
Definition 168 million kWh (2005) |
Oil - production |
Definition - World rank and map 688,100 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 635,000 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 7.8 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 152,600 bbl/day (2004 est.) |
Oil - imports |
Definition - World rank and map 69,860 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 3.75 billion bbl (2007 est.) |
Natural gas - production |
Definition - World rank and map 40.76 billion cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 32.81 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 402 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 7.951 billion cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 1.589 trillion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $1.862 billion (2007 est.) |
Exports |
Definition - World rank and map $25.72 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition crude oil and petroleum products, cotton, textiles, metal products, chemicals |
Exports - partners |
Definition US 9.9%, Italy 9.7%, Spain 7.8%, Syria 5.6%, Saudi Arabia 5%, UK 4.7% (2006) |
Imports |
Definition - World rank and map $43.43 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery and equipment, foodstuffs, chemicals, wood products, fuels |
Imports - partners |
Definition US 11.8%, China 9.7%, Italy 6.5%, Germany 6.4%, Saudi Arabia 4.8% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $31.37 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $30.2 billion (30 June 2007) |
Stock of direct foreign investment - at home |
Definition $47.16 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $1.295 billion (2007 est.) |
Market value of publicly traded shares |
Definition $93.48 billion (2006) |
Economic aid - recipient |
Definition ODA, $925.9 million (2005) |
Currency (code) |
Definition Egyptian pound (EGP) |
Exchange rates |
Definition Egyptian pounds per US dollar - 5.67 (2007), 5.725 (2006), 5.78 (2005), 6.1962 (2004), 5.8509 (2003) |
Fiscal year |
Definition 1 July - 30 June |
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