Egypt Economy Profile 2002

Economy - overview

Egypt improved its macroeconomic performance throughout most of the last decade by following IMF advice on fiscal, monetary, and structural reform policies. As a result, Cairo managed to tame inflation, slash budget deficits, and attract more foreign investment. In the past three years, however, the pace of reform has slackened, and excessive spending on national infrastructure projects has widened budget deficits again. Lower foreign exchange earnings since 1998 resulted in pressure on the Egyptian pound and periodic dollar shortages. Monetary pressures have increased since 11 September 2001 because of declines in tourism, Suez canal tolls, and exports, and Cairo has devalued the pound several times in the past year. The development of a gas export market is a major bright spot for future growth prospects.

GDP (purchasing power parity)

purchasing power parity - $258 billion (2001 est.)

GDP - real growth rate

2.5% (2001 est.)

GDP - per capita (PPP)

purchasing power parity - $3,700 (2001 est.)

GDP - composition by sector

agriculture: 14%
industry: 30%
services: 56% (2001)

Population below poverty line

23% (FY95/96 est.)

Household income or consumption by percentage share

lowest 10%: 4%
highest 10%: 25% (1995)

Inflation rate (consumer prices)

2.3% (2001)

Labor force

20.6 million (2001 est.)

Labor force - by occupation

agriculture 29%, industry 22%, services 49% (2000 est.)

Unemployment rate

12% (2001 est.)

Distribution of family income - Gini index

29 (1995)

Budget

revenues: $21.5 billion
expenditures: $26.2 billion, including capital expenditures of $5.9 billion (2001)

Industries

textiles, food processing, tourism, chemicals, hydrocarbons, construction, cement, metals

Industrial production growth rate

1.8% (2001 est.)

Electricity - production

69.592 billion kWh (2000)

Electricity - production by source

fossil fuel: 77%
hydro: 23%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

64.721 billion kWh (2000)

Electricity - exports

0 kWh (2000)

Electricity - imports

0 kWh (2000)

Agriculture - products

cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats

Exports

$7.1 billion f.o.b. (2001 est.)

Exports - commodities

crude oil and petroleum products, cotton, textiles, metal products, chemicals

Exports - partners

EU 43% (Italy 18%, Germany 4%, UK 3.2%), US 15%, Middle East 11%, Asian countries 9%, (2000)

Imports

$164 billion f.o.b. (2001 est.)

Imports - commodities

machinery and equipment, foodstuffs, chemicals, wood products, fuels

Imports - partners

EU 36% (Germany 8%, Italy 8%, France 6%), US 18%, Asian countries 13%, , Middle East 6% (2000)

Debt - external

$29 billion (2001 est.)

Economic aid - recipient

ODA, $2.25 billion (1999)

Currency

Egyptian pound (EGP)

Currency (code)

EGP

Exchange rates

Egyptian pounds per US dollar - market rate - 4.5000 (January 2002), 4.4900 (2001), 3.6900 (2000), 3.4050 (1999), 3.3880 (1998), 3.3880 (1997)

Fiscal year

1 July - 30 June