Egyptian Economy
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. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.
GDP (purchasing power parity): $943.1 billion (2014 est.)
GDP (official exchange rate): $286.4 billion (2014 est.)
GDP - real growth rate: 2.2% (2014 est.)
GDP - per capita (PPP): $10,900 (2014 est.)
GDP - composition by sector: agriculture: 14.6%
industry: 38.9%
services: 46.5% (2014 est.)
Labor force: 28.26 million (2014 est.)
Labor force - by occupation: agriculture: 29%
industry: 24%
services: 47% (2011 est.)
Unemployment rate: 13.4% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 4%
highest 10%: 26.6% (2008)
Investment (gross fixed): 17.9% of GDP (2009 est.)
Budget: revenues: $65.48 billion
expenditures: $99.14 billion (2014 est.)
Public debt: 93.8% of GDP (2014 est.)
Inflation rate (consumer prices): 10.1% (2014 est.)
Central bank discount rate: 9.75% (30 October 2014)
Commercial bank prime lending rate: 11.8% (31 December 2014 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
Industrial production growth rate: 1.5% (2014 est.)
Electricity - production: 152 billion kWh (2012 est.)
Electricity - consumption: 129.4 billion kWh (2011 est.)
Electricity - exports: 1.679 billion kWh (2012 est.)
Electricity - imports: 102 million kWh (2012 est.)
Oil - production: 700,000 bbl/day (2013 est.)
Oil - consumption: 697,000 bbl/day (2008 est.)
Oil - exports: 189,000 bbl/day (2013 est.)
Oil - imports: 80,000 bbl/day (2013 est.)
Oil - proved reserves: 4.4 billion bbl (1 January 2014 est.)
Natural gas - production: 56.63 billion cu m (2013 est.)
Natural gas - consumption: 53.8 billion cu m (2013 est.)
Natural gas - exports: 3.823 billion cu m (2013 est.)
Natural gas - imports: 2.832 billion cu m (2013 est.)
Natural gas - proved reserves: 2.18 trillion cu m (1 January 2014 est.)
Current account balance: -$2.356 billion (2014 est.)
Exports: $27.15 billion (2014 est.)
Exports - commodities: crude oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food
Exports - partners: Italy 9.2%, Saudi Arabia 7.4%, India 7.2%, Turkey 5.4%, US 4.2% (2014)
Imports: $55.26 billion (2014 est.)
Imports - commodities: machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners: China 11.2%, Germany 7.9%, US 7.4%, Kuwait 5.1%, Italy 4.6%, Ukraine 4.4%, Russia 4.2%, Turkey 4.1% (2014)
Reserves of foreign exchange and gold: $15.13 billion (31 December 2014 est.)
Debt - external: $55.86 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $79.19 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $6.684 billion (31 December 2014 est.)
Exchange rates: Egyptian pounds (EGP) per US dollar - 7.1 (2014 est.), 6.8708 (2013 est.), 6.06 (2012 est.), 5.9358 (2011 est.), 5.6219 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
DIBNC Experts Team