| People | Egypt |
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Economy - overview:
|
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):
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$431.9 billion (2007 est.) |
GDP (official exchange rate):
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$127.9 billion (2007 est.) |
GDP - real growth rate:
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7.2% (2007 est.) |
GDP - per capita (PPP):
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$5,400 (2007 est.) |
GDP - composition by sector:
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agriculture: 13.8%
industry: 41.1%
services: 45.1% (2007 est.) |
Investment (gross fixed):
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21.8% of GDP (2007 est.) |
Population below poverty line:
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20% (2005 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.7%
highest 10%: 29.5% (2000) |
Distribution of family income - Gini index:
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34.4 (2001) |
Inflation rate (consumer prices):
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8.8% (2007 est.) |
Labor force:
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22.49 million (2007 est.) |
Labor force participation rate:
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27.52 % of population |
Labor force - by occupation:
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agriculture: 32%
industry: 17%
services: 51% (2001 est.) |
Unemployment rate:
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10.1% (2007 est.) |
Budget:
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revenues: $37.47 billion
expenditures: $44.48 billion (2007 est.) |
Budget revenues per capita:
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459 USD per capita |
Public debt:
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105.1% of GDP (2007 est.) |
Industries:
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textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures |
Industrial production growth rate:
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13.8% (2007 est.) |
Electricity - production:
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102.5 billion kWh (2005) |
Electricity - production per capita:
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1,255 kWh per capita |
Electricity - consumption:
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84.49 billion kWh (2005) |
Electricity - consumption - per capita:
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1,034 kWh per capita |
Electricity - exports:
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946 million kWh (2005) |
Electricity - imports:
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168 million kWh (2005) |
Oil - production:
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688,100 bbl/day (2005 est.) |
Oil - production per capita:
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8,421 bbl/day per capita |
Oil - consumption:
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635,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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2.84 bbl/year per capita |
Oil - exports:
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152,600 bbl/day (2004 est.) |
Oil - imports:
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69,860 bbl/day (2004) |
Oil - proved reserves:
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3.7 billion bbl (1 January 2006 est.) |
Natural gas - production:
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40.76 billion cu m (2005 est.) |
Natural gas - production per capita:
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499 cu m per capita |
Natural gas - consumption:
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32.81 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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402 cu m per capita |
Natural gas - exports:
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7.951 billion cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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1.589 trillion cu m (1 January 2006 est.) |
Agriculture - products:
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cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats |
Current account balance:
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$3.115 billion (2007 est.) |
Current account balance - per capita:
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39 USD per capita |
Exports:
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$27.42 billion f.o.b. (2007 est.) |
Exports per capita:
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336 USD per capita |
Exports - commodities:
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crude oil and petroleum products, cotton, textiles, metal products, chemicals |
Exports - partners:
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Italy 12.1%, US 11.3%, Spain 8.7%, UK 5.5%, France 5.4%, Syria 5.1%, Saudi Arabia 4.3%, Germany 4.2% (2006) |
Imports:
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$40.48 billion f.o.b. (2007 est.) |
Imports per capita:
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496 USD per capita |
Imports - commodities:
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machinery and equipment, foodstuffs, chemicals, wood products, fuels |
Imports - partners:
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US 11.4%, China 8.3%, Germany 6.6%, Italy 5.4%, Saudi Arabia 5%, France 4.6% (2006) |
Reserves of foreign exchange and gold:
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$31.14 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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382 USD per capita |
Debt - external:
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$29.9 billion (30 June 2007) |
Debt - external - per capita:
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366 USD per capita |
Stock of direct foreign investment - at home:
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$37.66 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$1.115 billion (2006 est.) |
Market value of publicly traded shares:
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$93.48 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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ODA, $925.9 million (2005) |
Economic aid - recipient per capita:
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12 USD per capita |
Currency (code):
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Egyptian pound (EGP) |
Exchange rates:
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Egyptian pounds per US dollar - 5.67 (2007), 5.725 (2006), 5.78 (2005), 6.1962 (2004), 5.8509 (2003) |
Fiscal year:
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1 July - 30 June |
|
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