Egypt: Economy#
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. In 2015, higher levels of foreign investment contributed to a slight rebound in GDP growth after a particularly depressed post-revolution period.
Economic Facts#
| GDP (purchasing power parity) | $1.105 trillion (2016 est.) $1.064 trillion (2015 est.) $1.021 trillion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $342.8 billion (2015 est.) |
| GDP - real growth rate | 3.8% (2016 est.) 4.2% (2015 est.) 2.2% (2014 est.) |
| GDP - per capita (PPP) | $12,100 (2016 est.) $12,000 (2015 est.) $11,800 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 8.7% of GDP (2016 est.) 10.7% of GDP (2015 est.) 13% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 84.4% government consumption: 12% investment in fixed capital: 12.1% investment in inventories: 0.4% exports of goods and services: 12.7% imports of goods and services: -21.6% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 11.3% industry: 35.8% services: 52.9% (2016 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 | 0.6% (2016 est.) |
| Labor force | 31.96 million (2016 est.) |
| Labor force - by occupation | agriculture: 29.2% industry: 23.5% services: 47.3% (2013 est.) |
| Unemployment rate | 13.1% (2016 est.) 12.8% (2015 est.) |
| Population below poverty line | 25.2% (2011 est.) |
| Household income or consumption by percentage share | lowest 10%: 4% highest 10%: 26.6% (2008) |
| Distribution of family income - Gini index | 30.8 (2008) 32.1 (2005) |
| Budget | revenues: $60.09 billion expenditures: $92.37 billion (2016 est.) |
| Taxes and other revenues | 17.5% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -9.4% of GDP (2016 est.) |
| Public debt | 92.6% of GDP (2016 est.) 90.2% of GDP (2015 est.) note: data cover central government debt and include debt instruments issued (or owned) by government entities other than the treasury, treasury debt held by foreign entities, debt issued by subnational entities, as well as intra-governmental debt; intra-govern |
| Fiscal year | 1 July - 30 June |
| Inflation rate (consumer prices) | 12.1% (2016 est.) 10.4% (2015 est.) |
| Central bank discount rate | 9.75% (30 October 2014) 8.75% (5 December 2013) |
| Commercial bank prime lending rate | 12.5% (31 December 2016 est.) 11.63% (31 December 2015 est.) |
| Stock of narrow money | $55.96 billion (31 December 2016 est.) $66.49 billion (31 December 2015 est.) |
| Stock of broad money | $210.8 billion (31 December 2016 est.) $243.4 billion (31 December 2015 est.) |
| Stock of domestic credit | $260.3 billion (31 December 2016 est.) $297.4 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $55.19 billion (31 December 2015 est.) $70.08 billion (31 December 2014 est.) $61.63 billion (31 December 2013 est.) |
| Current account balance | -$12.18 billion (2015 est.) -$12.18 billion (2015 est.) |
| Exports | $14.73 billion (2016 est.) $19.03 billion (2015 est.) |
| Exports - commodities | crude oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food |
| Exports - partners | Saudi Arabia 9.1%, Italy 7.5%, Turkey 5.8%, UAE 5.1%, US 5.1%, UK 4.4%, India 4.1% (2015) |
| Imports | $50.07 billion (2016 est.) $57.17 billion (2015 est.) |
| Imports - commodities | machinery and equipment, foodstuffs, chemicals, wood products, fuels |
| Imports - partners | China 13%, Germany 7.7%, US 5.9%, Turkey 4.5%, Russia 4.4%, Italy 4.4%, Saudi Arabia 4.1% (2015) |
| Reserves of foreign exchange and gold | $15.06 billion (31 December 2016 est.) $15.49 billion (31 December 2015 est.) |
| Debt - external | $50.67 billion (31 December 2016 est.) $44.61 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $94.51 billion (31 December 2016 est.) $89.65 billion (31 December 2015 est.) |
| Stock of direct foreign investment - abroad | $8.042 billion (31 December 2016 est.) $7.362 billion (31 December 2015 est.) |
| Exchange rates | Egyptian pounds (EGP) per US dollar - 9.71 (2016 est.) 7.7133 (2015 est.) 7.7133 (2014 est.) 7.08 (2013 est.) 6.06 (2012 est.) |