Economy - overview Egypt improved its macroeconomic performance throughout most of the last decade by following IMF advice on fiscal, monetary, and structural reform policies. As a result, Cairo managed to tame inflation, slash budget deficits, and attract more foreign investment. In the past three years, however, the pace of reform has slackened, and excessive spending on national infrastructure projects has widened budget deficits again. Lower foreign exchange earnings since 1998 resulted in pressure on the Egyptian pound and periodic dollar shortages. Monetary pressures have increased since 11 September 2001 because of declines in tourism, Suez canal tolls, and exports, and Cairo has devalued the pound several times in the past year. The development of a gas export market is a major bright spot for future growth prospects.

GDP purchasing power parity - $258 billion (2001 est.)

GDP - real growth rate 2.5% (2001 est.)

GDP - per capita purchasing power parity - $3,700 (2001 est.)

GDP - composition by sector
agriculture: 14%
industry: 30%
services: 56% (2001)

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

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

Distribution of family income - Gini index 28.9 (1995)

Inflation rate (consumer prices) 2.3% (2001)

Labor force 20.6 million (2001 est.)

Labor force - by occupation agriculture 29%, industry 22%, services 49% (2000 est.)

Unemployment rate 12% (2001 est.)

Budget
revenues: $21.5 billion
expenditures: $26.2 billion, including capital expenditures of $5.9 billion (2001)

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

Industrial production growth rate 1.8% (2001 est.)

Electricity - production 69.592 billion kWh (2000)

Electricity - production by source
fossil fuel: 77.1%
hydro: 22.9%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 64.721 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $7.1 billion (f.o.b., 2001 est.)

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

Exports - partners EU 43% (Italy 18%, Germany 4%, UK 3.2%), US 15%, Middle East 11%, Asian countries 9%, (2000)

Imports $164 billion (f.o.b., 2001 est.)

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

Imports - partners EU 36% (Germany 8%, Italy 8%, France 6%), US 18%, Asian countries 13%, , Middle East 6% (2000)

Debt - external $29 billion (2001 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 - 4.5000 (January 2002), 4.4900 (2001), 3.6900 (2000), 3.4050 (1999), 3.3880 (1998), 3.3880 (1997)

Fiscal year 1 July - 30 June

NOTE: The information regarding Egypt on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Egypt Economy 2002 information contained here. All suggestions for corrections of any errors about Egypt Economy 2002 should be addressed to the CIA.