Egypt Economy 2001

Economy - overview: A series of IMF arrangements - along with massive external debt relief resulting from Egypt's participation in the Gulf war coalition - helped Egypt improve its macroeconomic performance during the 1990s. Sound fiscal and monetary policies through the mid-1990s helped to tame inflation, slash budget deficits, and build up foreign reserves, while structural reforms such as privatization and new business legislation prompted increased foreign investment. By mid-1998, however, the pace of structural reform slackened, and lower combined hard currency earnings resulted in pressure on the Egyptian pound and sporadic US dollar shortages. External payments were not in crisis, but Cairo's attempts to curb demand for foreign exchange convinced some investors and currency traders that government financial operations lacked transparency and coordination. Monetary pressures have since eased, however, with the 1999-2000 higher oil prices, a rebound in tourism, and a series of mini-devaluations of the pound. The development of a gas export market is a major plus factor in future growth.

GDP: purchasing power parity - $247 billion (2000 est.)

GDP - real growth rate: 5% (2000 est.)

GDP - per capita: purchasing power parity - $3,600 (2000 est.)

GDP - composition by sector:
agriculture: 17%
industry: 32%
services: 51% (1999)

Population below poverty line: 22.9% (FY95/96 est.)

Household income or consumption by percentage share:
lowest 10%: 4.4%
highest 10%: 25% (1995)

Inflation rate (consumer prices): 3% (2000)

Labor force: 19.9 million (2000 est.)

Labor force - by occupation: agriculture 29%, services 49%, industry 22% (FY99)

Unemployment rate: 11.5% (2000 est.)

Budget:
revenues: $22.6 billion
expenditures: $26.2 billion, including capital expenditures of $NA (FY99)

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

Industrial production growth rate: 2.1% (2000 est.)

Electricity - production: 64.685 billion kWh (1999)

Electricity - production by source:
fossil fuel: 76.59%
hydro: 23.41%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 60.157 billion kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats

Exports: $7.3 billion (f.o.b., 2000 est.)

Exports - commodities: crude oil and petroleum products, cotton, textiles, metal products, chemicals

Exports - partners: EU 35%, Middle East 17%, Afro-Asian countries 14%, US 12% (1999)

Imports: $17 billion (f.o.b., 2000 est.)

Imports - commodities: machinery and equipment, foodstuffs, chemicals, wood products, fuels

Imports - partners: EU 36%, US 14%, Afro-Asian countries 14%, Middle East 6% (1999)

Debt - external: $31 billion (2000 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 - 3.8400 (January 2001), 3.6900 (2000), 3.4050 (1999), 3.3880 (1998), 3.3880 (1997), 3.3880 (1996)

Fiscal year: 1 July - 30 June

NOTE: The information regarding Egypt on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Egypt Economy 2001 information contained here. All suggestions for corrections of any errors about Egypt Economy 2001 should be addressed to the CIA.