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Egypt:
Economy

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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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