Egypt Facts - Economy


GDP (purchasing power parity):
$442.6 billion (2008 est.) / $414.1 billion (2007) / $386.6 billion (2006)
GDP (official exchange rate):
$158.3 billion (2008 est.)
GDP - real growth rate:
6.9% (2008 est.) / 7.1% (2007 est.) / 6.8% (2006 est.)
GDP - per capita (PPP):
$5,400 (2008 est.) / $5,200 (2007 est.) / $4,900 (2006 est.)
GDP - composition by sector:
agriculture: 13.4% / industry: 37.6% / services: 48.9% (2008 est.)
Labor force:
24.72 million (2008 est.)
Labor force - by occupation:
agriculture: 32% / industry: 17% /services: 51% (2001 est.)
Unemployment rate:
8.7% (2008 est.)
Population below poverty line:
20% (2005 est.)
Household income or consumption by percentage share:
lowest 10%: 3.7% / highest 10%: 29.5% (2000)
Distribution of family income - Gini index:
34.4 (2001)
Investment (gross fixed):
17% of GDP (2008 est.)
Budget:
revenues: $40.46 billion / expenditures: $51.38 billion (2008 est.)
Fiscal year:
1 July - 30 June
Public debt:
84.7% of GDP (2008 est.)
Inflation rate (consumer prices):
18% (2008 est.)
Central bank discount rate:
9% (31 December 2007)
Commercial bank prime lending rate:
12.51% (31 December 2007)
Stock of money:
$27.6 billion (31 December 2007)
Stock of quasi money:
$102.6 billion (31 December 2007)
Stock of domestic credit:
$113.9 billion (31 December 2007)
Market value of publicly traded shares:
$139.3 billion (31 December 2007)
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:
7.7% (2008 est.)
Electricity - production:
109.1 billion kWh (2006 est.)
Electricity - consumption:
96.2 billion kWh (2006 est.)
Electricity - exports:
557 million kWh (2006 est.)
Electricity - imports:
208 million kWh (2006 est.)
Electricity - production by source:
fossil fuel: 81% / hydro: 19% / nuclear: 0% / other: 0% (2001)
Oil - production:
664,000 bbl/day (2007 est.)
Oil - consumption:
652,700 bbl/day (2006 est.)
Oil - exports:
204,700 bbl/day (2005 est.)
Oil - imports:
140,000 bbl/day (2005)
Oil - proved reserves:
3.7 billion bbl (1 January 2008 est.)
Natural gas - production:
47.5 billion cu m (2007 est.)
Natural gas - consumption:
31.8 billion cu m (2007 est.)
Natural gas - exports:
15.7 billion cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
1.656 trillion cu m (1 January 2008 est.)
Current account balance:
$1.483 billion (2008 est.)
Exports:
$33.36 billion f.o.b. (2008 est.)
Exports - commodities:
crude oil and petroleum products, cotton, textiles, metal products, chemicals
Exports - partners:
US 9.7%, Italy 9.5%, Spain 7.6%, Syria 5.5%, Saudi Arabia 4.9%, UK 4.2% (2007)
Imports:
$56.43 billion f.o.b. (2008 est.)
Imports - commodities:
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners:
US 11.7%, China 9.7%, Italy 6.4%, Germany 6.3%, Saudi Arabia 4.7%, Russia 4.3% (2007)
Reserves of foreign exchange and gold:
$36.91 billion (31 December 2008 est.)
Debt - external:
$28.84 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$59.03 billion (2008 est.)
Stock of direct foreign investment - abroad:
$2.28 billion (2008 est.)
Currency (code):
Egyptian pound (EGP)
Exchange rates:
Egyptian pounds (EGP) per US dollar - 5.4 (2008 est.), 5.67 (2007), 5.725 (2006), 5.78 (2005), 6.1962 (2004)

Source: CIA World Fact Book Egypt (US Dollars)

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MULTIMEDIA


Egypt has a stable economy in the Middle East and North Africa enjoying continuous growth, averaging 4%–5% in the past quarter-a-century. The economy embarked on various stages of development during which the public and private sectors played roles varying in relative importance:

* Import substitution and nationalization, 1952–1966, during which the first program of industrialization in 1957 was established and led by the public sector in heavy industries such as iron and steel and chemical industries, and the nationalization which receded the relative importance of the private sector.
* Inter-war, 1967–1973, adversely affected the performance of the economy and public sector role in import substitution.
* Openness euphoria, 1974–1981 during which policies were introduced to encourage Arab and foreign investment through a series of incentives and liberalizing trade and payment; the economy expanded but this proved unsustainable and growth consequently scaled back.
* External debt crisis, 1982–1990, the external debt crisis and Paris Club re-scheduling and debt reduction.
* Economic reform, 1991–2007, reform policies were introduced under the terms of international institutions, lenders and donors, including wider incentives to the role of the private sector in all economic activities.
* The World Food Crisis, 2008, soaring food prices, especially for grains, calls for the government to provide more immediate assistance to the population of more than 40% in the "poverty tunnel" and to strike a "new deal" on agriculture policy and reform.
* The World Global Financial Crisis, 2008–present, Egypt to face the repercussions of the global financial crisis on the national economy.