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Country | Egypt |
Width | 300px |
Caption | Cairo skyline, as seen from the Cairo Tower |
Currency | Egyptian pound (EGP) |
Organs | WTO |
Rank | 27th |
Gdp | $500.9 billion (2010 est.) |
Growth | 2.6% (2010-2011 est.) |
Per Capita | $6,200 (PPP) (2010 est.) |
Sectors | agriculture: 13.5%; industry: 37.9%; services: 48.6% (2010 est.) |
Inflation | 12.8% (2010 est.) |
Poverty | 20% (2005 est.) |
Gini | 34.4 (2001) |
Labor | 26.1 million (2010 est.) |
Occupations | Agriculture (32%), Industry (17%), Services (51%) (2001 est.) |
Unemployment | 9.7% (2010 est.) |
Edbr | 94 |
Industries | Textiles, Food Processing, Tourism, Chemicals, Pharmaceuticals, Hydrocarbons, Construction, Cement, Metals, Light Manufactures |
Exports | $25.34 billion (61st; 2010 est.) |
Export-goods | Crude oil and Petroleum products, Cotton, Textiles, Metal Products, Chemicals, Agricultural goods |
Export-partners | United States 7.95%, Italy 7.26%, Spain 6.78%, India 6.69%, Saudi Arabia 5.53%, Syria 5.3%, France 4.39%, South Korea 4.27% (2009) |
Imports | $46.52 billion (47th; 2010 est.) |
Import-goods | Machinery and Equipment, Foodstuffs, Chemicals, Wood products, Fuels |
Import-partners | United States 9.92%, China 9.63%, Germany 6.98%, Italy 6.88%, Turkey 4.94% (2009) |
FDI | $72.41 billion (31 Dec 2010 est.) |
Gross External Debt | $30.61 billion (31 Dec 2010 est.) |
Debt | 80.5% of GDP (2010 est.) |
Revenue | $46.82 billion (2010 est.) |
Expenses | $64.19 billion (2010 est.) |
Credit | BB+ (Domestic) BB (Foreign) BB+ (T&C Assessment) (Standard & Poor's) |
Reserves | US$30.503 billion (March 2011) |
Cianame | eg |
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In north eastern Egypt, the Nile Delta is where most Egyptian economic activity takes place. In the last 30 years, the government has reformed the highly centralized economy it inherited from President Gamal Abdel Nasser.
During the 1990s, a series of International Monetary Fund arrangements, coupled with massive external debt relief resulting from Egypt's participation in the Gulf War coalition, helped Egypt improve its macroeconomic performance.
Since the turn of the new millennium, the pace of structural reforms, including fiscal, monetary policies, privatization and new business legislations, helped Egypt to move towards a more market-oriented economy and prompted increased foreign investment. The reforms and policies have strengthened macroeconomic annual growth results which averaged 5% annually but the government largely failed to equitably share the wealth and the benefits of growth have failed to trickle down to improve economic conditions for the broader population, especially with the growing problem of unemployment and underemployment among youth under the age of 30 years.
A youth protest demanding more political freedoms, fighting corruption and delivering improved living standards forced President Mubarak to step down on February 11, 2011. In the Post-Mubarak Era the Egyptian economy faces a rocky road to stabilize the economy after 18 days of protests which may cut economic growth in the Fiscal Year ending June 2011 to about 2%.
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