Is Egypt a rich country?
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. Agriculture, hydrocarbons, manufacturing, tourism, and other service sectors drove the country’s relatively diverse economic activity.
Despite Egypt’s mixed record for attracting foreign investment over the past two decades, poor living conditions and limited job opportunities have contributed to public discontent. These socioeconomic pressures were a major factor leading to the January 2011 revolution that ousted MUBARAK. The uncertain political, security, and policy environment since 2011 has restricted economic growth and failed to alleviate persistent unemployment, especially among the young.
In late 2016, persistent dollar shortages and waning aid from its Gulf allies led Cairo to turn to the IMF for a 3-year, $12 billion loan program. To secure the deal, Cairo floated its currency, introduced new taxes, and cut energy subsidies - all of which pushed inflation above 30% for most of 2017, a high that had not been seen in a generation. Since the currency float, foreign investment in Egypt’s high interest treasury bills has risen exponentially, boosting both dollar availability and central bank reserves. Cairo will be challenged to obtain foreign and local investment in manufacturing and other sectors without a sustained effort to implement a range of business reforms.
What is the GDP of Egypt?
|Currency Name and Code||Egyptian pounds (EGP)|
|GDP - Gross Domestic Product (PPP)||$1,223,040,000,000 (USD)|
|GDP - official exchange rate||$342,800,000,000 (USD)|
|GDP - real growth rate||3.8%|
|GDP Per Capita||$12,100.00 (USD)|
|GDP by Sector- agriculture||11.3%|
|GDP by Sector- Industry||35.8%|
|GDP by Sector- services||52.9%|
|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%
|Population Below Poverty Line||25.2%|
|Labor Force By Occupation- agriculture||29.2%|
|Labor Force By Occupation- industry||23.5%|
|Labor Force By Occupation- services||47.3%|
|Fiscal Year||1 July - 30 June|
|Annual Budget||$60,090,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-9.4%|
|Public Debt (% of GDP)||92.6%|
|Taxes and other revenues - percent of GDP||17.5%|
|Major Industries||textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures|
|Industrial Growth Rate||0.6%|
|Agriculture Products||cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats|
|Exchange Rate per US Dollar||9.71|
|Child Labor - % of children ages 5-14||7%|
|Child Labor - # of children ages 5-14||1,066,526|
|Commercial Bank Prime Lending Rate||12.5%|