| 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 - real growth rate: |
6.8% (2006 est.) |
| GDP (purchasing power parity): |
$334.4 billion (2006 est.) |
| GDP (official exchange rate): |
$85.37 billion (2006 est.) |
| GDP - per capita (PPP): |
$4,200 (2006 est.) |
| GDP - composition by sector: |
agriculture: 14.7%
industry: 35.5%
services: 49.8% (2006 est.) |
| Population below poverty line: |
20% (2005 est.) |
| Household income or consumption by percentage share: |
lowest 10%: 4.4%
highest 10%: 25% (1995) |
| Inflation rate (consumer prices): |
6.5% (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.) |
| Budget: |
revenues: $21.32 billion
expenditures: $31.83 billion; including capital expenditures of $2.7 billion (2006 est.) |
| Industries: |
textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures |
| Industrial production growth rate: |
5.1% (2006 est.) |
| Electricity - production: |
91.72 billion kWh (2004) |
| Electricity - consumption: |
84.49 billion kWh (2004) |
| Electricity - exports: |
1 billion kWh (2004) |
| Electricity - imports: |
200 million kWh (2004) |
| 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: |
3.7 billion bbl (1 January 2005 est.) |
| Natural gas - production: |
32.56 billion cu m (2004 est.) |
| Natural gas - exports: |
1.1 billion cu m (2004 est.) |
| Natural gas - imports: |
0 cu m (2004 est.) |
| Agriculture - products: |
cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats |
| Exports: |
$24.22 billion f.o.b. (2006 est.) |
| Exports - commodities: |
crude oil and petroleum products, cotton, textiles, metal products, chemicals |
| Exports - partners: |
Italy 12.2%, US 11.4%, Spain 8.6%, UK 5.6%, France 5.4%, Syria 5.2%, Saudi Arabia 4.4%, Germany 4.2% (2006) |
| Imports: |
$35.86 billion f.o.b. (2006 est.) |
| Imports - commodities: |
machinery and equipment, foodstuffs, chemicals, wood products, fuels |
| Imports - partners: |
US 11.4%, China 8.2%, Germany 6.4%, Italy 5.4%, Saudi Arabia 5%, France 4.6% (2006) |
| Debt - external: |
$29.59 billion (30 June 2006 est.) |
| Economic aid - recipient: |
ODA, $1.12 billion (2002) |
| Currency: |
Egyption Pound (EGP) |
| Currency code: |
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 |
