Egypt Economy: from the All Country Info reference guide to country facts

Egypt Economy

Egypt Economy: A summary of information about Egypt Economy, from government research data as well as independent research and other sources.

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Egypt: Economy

Economy - overview
A series of IMF arrangements - coupled with
massive external debt relief resulting from Egypt's participation in
the Gulf war coalition - helped Egypt improve its macroeconomic
performance during the 1990s. Through sound fiscal and monetary
policies, Cairo tamed inflation, slashed budget deficits, and built up
foreign reserves. Although the pace of structural reforms - such as
privatization and new business legislation - has been slower than the
IMF envisioned, Egypt's steps toward a more market-oriented economy
have prompted increased foreign investment. Lower combined hard
currency inflows - from tourism, worker remittances, oil revenues, and
Suez Canal tolls - in 1998 and the first half of 1999 resulted in
pressure on the Egyptian pound and sporadic dollar shortages, but
external payments were not in crisis. Despite ample reserves, the
Central Bank did not provide sufficient hard currency to commercial
banks and Cairo restricted imports for a short period; these
developments confirmed to some investors and currency traders that
government financial operations lack sufficient coordination and
openness. Monetary pressures have since eased, however, with the
continued oil price recovery starting in mid-1999 and a moderate
rebound in tourism. Increased gas exports are a major plus factor in
future growth.
GDP
purchasing power parity - $200 billion (1999 est.)
GDP - real growth rate
5% (1999 est.)
GDP - per capita
purchasing power parity - $3,000 (1999 est.)
GDP - composition by sector
agriculture: 17%
industry: 32%
services: 51% (1999)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 3.9%
highest 10%: 26.7% (1991)
Inflation rate (consumer prices)
3.7% (1999)
Labor force
19 million (1999 est.)
Labor force - by occupation
agriculture 40%, services 38%, industry
22% (1990 est.)
Unemployment rate
11.8% (1999 est.)
Budget
revenues: $20.7 billion
expenditures: $22.3 billion, including capital expenditures of $NA
(FY98/99)
Industries
textiles, food processing, tourism, chemicals, petroleum,
construction, cement, metals
Industrial production growth rate
5% (1999 est.)
Electricity - production
57.8 billion kWh (1998)
Electricity - production by source
fossil fuel: 78.72%
hydro: 21.28%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
53.754 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
cotton, rice, corn, wheat, beans, fruits,
vegetables; cattle, water buffalo, sheep, goats; fish
Exports
$4.6 billion (f.o.b., 1999 est.)
Exports - commodities
crude oil and petroleum products, cotton,
textiles, metal products, chemicals
Exports - partners
EU 47%, US 14%, Turkey 8% (1998)
Imports
$15.8 billion (f.o.b., 1999 est.)
Imports - commodities
machinery and equipment, foodstuffs, chemicals,
wood products, fuels
Imports - partners
EU 42%, US 16%, Japan 5% (1998)
Debt - external
$30 billion (1999 est.)
Economic aid - recipient
ODA, $2.25 billion (1999)
Currency
1 Egyptian pound = 100 piasters
Exchange rates
Egyptian pounds per US$1 - market rate - 3.4050
(January 2000), 3.4050 (1999), 3.3880 (1998), 3.3880 (1997), 3.3880
(1996), 3.3900 (1995)
Fiscal year
1 July - 30 June
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