Egypt Economy
Economy - overviewLack of substantial progress on economic reform since the mid 1990s has limited foreign direct investment in Egypt and kept annual GDP growth in the range of 2-3 percent in 2001-03. Egyptian officials in late 2003 and early 2004 proposed new privatization and customs reform measures, but the government is likely to pursue these initiatives cautiously and gradually to avoid a public backlash over potential inflation or layoffs associated with the reforms. Monetary pressures on an overvalued Egyptian pound led the government to float the currency in January 2003, leading to a sharp drop in its value and consequent inflationary pressure. The existence of a black market for hard currency is evidence that the government continues to influence the official exchange rate offered in banks. In September 2003, Egyptian officials increased subsidies on basic foodstuffs, helping to calm a frustrated public but widening an already deep budget deficit. Egypt's balance-of-payments position was not hurt by the war in Iraq in 2003, as tourism and Suez Canal revenues fared well. The development of an export market for natural gas is a bright spot for future growth prospects, but improvement in the capital-intensive hydrocarbons sector does little to reduce Egypt's persistent unemployment.
GDP
purchasing power parity - $295.2 billion (2003 est.)
GDP - real growth rate
3.1% (2003 est.)
GDP - per capita
purchasing power parity - $4,000 (2003 est.)
GDP - composition by sector
agriculture: 17%
industry: 33%
services: 50% (2003)
Investment
16.7% of GDP (2003)
Population below poverty line
16.7% (2000 est.)
Household income or consumption by percentage share
lowest 10%: 3.7%
highest 10%: 29.5% (1999)
Distribution of family income - Gini index
34.4 (1999)
Inflation rate
4.3% (2003 est.)
Labor force
20.19 million (2003 est.)
Labor force - by occupation
agriculture 32%, industry 17%, services 51% (2001 est.)
Unemployment rate
9.9% (2003 est.)
Budget
revenues: $14.69 billion
expenditures: $19.03 billion, including capital expenditures of $2.7 billion (2003)
Public debt
101.8% of GDP (2003)
Agriculture - products
cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats
Industries
textiles, food processing, tourism, chemicals, hydrocarbons, construction, cement, metals
Industrial production growth rate
1.5% (2003 est.)
Electricity - production
75.23 billion kWh (2001)
Electricity - consumption
69.96 billion kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
816,900 bbl/day (2001 est.)
Oil - consumption
562,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
3.308 billion bbl (1 January 2002)
Natural gas - production
21.2 billion cu m (2001 est.)
Natural gas - consumption
21.2 billion cu m (2001 est.)
Natural gas - exports
0 cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
1.264 trillion cu m (1 January 2002)
Current account balance
$3.874 billion (2003)
Exports
$8.759 billion f.o.b. (2003 est.)
Exports - commodities
crude oil and petroleum products, cotton, textiles, metal products, chemicals
Exports - partners
US 13.3%, Italy 12.3%, UK 7.9%, France 4.7%, Germany 4.7%, India 4.2% (2003)
Imports
$14.75 billion f.o.b. (2003 est.)
Imports - commodities
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners
US 13.6%, Germany 7.4%, Italy 7%, France 6.6%, China 4.8%, Saudi Arabia 4.3% (2003)
Reserves of foreign exchange & gold
$14.22 billion (2003)
Debt - external
$30.34 billion (2003 est.)
Currency
Egyptian pound (EGP)
Currency code
EGP
Exchange rates
Egyptian pounds per US dollar - 5.8509 (2003), 4.4997 (2002), 3.973 (2001), 3.4721 (2000), 3.3953 (1999)
