Egypt:
Economy

Pages for other countries and territories

Other pages in this profile of Egypt:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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 NASSER. In 2005, Prime Minister Ahmed NAZIF 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. 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 growing budget deficit - more than 10% of GDP each year - and represent a significant drain on the economy. Foreign direct investment remains low. To achieve higher GDP growth the NAZIF government will need to continue its aggressive pursuit of reform, especially in the energy sector. Egypt's export sectors - particularly natural gas - have bright prospects.
GDP (purchasing power parity)	$334.4 billion (2006 est.)
GDP (official exchange rate)	$85.37 billion (2006 est.)
GDP - real growth rate	6.8% (2006 est.)
GDP - per capita	$4,200 (2006 est.)
GDP - composition by sector	agriculture: 14.1% industry: 38.4% services: 47.5% (2006 est.)
Labor force	21.8 million (2006 est.)
Labor force - by occupation	agriculture: 32% industry: 17% services: 51% (2001 est.)
Unemployment rate	10.3% (2006 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)
Inflation rate (consumer prices)	7.7% (2006 est.)
Investment (gross fixed)	18.7% of GDP (2006 est.)
Budget	revenues: $27.01 billion expenditures: $35.48 billion (2006 est.)
Public debt	113.4% of GDP (2006 est.)
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
Electricity - production	102.5 billion kWh (2005)
Electricity - consumption	84.49 billion kWh (2005)
Electricity - exports	946 million kWh (2005)
Electricity - imports	168 million kWh (2005)
Oil - production	700,000 bbl/day (2005 est.)
Oil - consumption	590,000 bbl/day (2004 est.)
Oil - exports	152,600 bbl/day (2004 est.)
Oil - imports	NA bbl/day
Oil - proved reserves	3.8 billion bbl (1 January 2006)
Natural Gas - production	40.76 billion cu m (2005 est.)
Natural Gas - consumption	32.81 billion cu m (2005 est.)
Natural Gas - exports	7.951 billion cu m (2005 est.)
Natural Gas - imports	0 cu m (2005)
Natural Gas - proved reserves	1.589 trillion cu m (1 January 2006 est.)
Current account balance	$2.731 billion (2006 est.)
Exports	$20.55 billion f.o.b. (2006 est.)
Exports - commodities	crude oil and petroleum products, cotton, textiles, metal products, chemicals
Exports - partners	Italy 12.1%, US 11.3%, Spain 8.5%, UK 5.5%, France 5.4%, Syria 5.2%, Saudi Arabia 4.3%, Germany 4.2% (2006)
Imports	$33.1 billion f.o.b. (2006 est.)
Imports - commodities	machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners	US 11.4%, China 8.3%, Germany 6.4%, Italy 5.4%, Saudi Arabia 5%, France 4.6% (2006)
Reserves of foreign exchange and gold	$25.58 billion (2006 est.)
Debt - external	$31.93 billion (2006 est.)
Economic aid - recipient	ODA, $925.9 million (2005)
Currency (code)	Egyptian pound (EGP)
Exchange rates	Egyptian pounds per US dollar - 5.725 (2006), 5.78 (2005), 6.1962 (2004), 5.8509 (2003), 4.4997 (2002)
Fiscal year	1 July - 30 June

Egypt: Economy

Egypt:
Economy