About Egypt and Key Financial Statistics

About Egypt and Key Financial Statistics

Overview of 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. Egypt's current Constitution passed in a referendum that took place in January 2014.

Gross Domestic Product (In USD):

$946.6 billion (2014 est.)

$926.5 billion (2013 est.)

$907.5 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 14.5

% Industry: 39.9

% Services: 45.6

Composition of Labor Force by Occupation:

% Agriculture: 29

% Industry: 24

% Services: 47

Per Capita Income:

$10,900 (2014 est.)

$10,700 (2013 est.)

$10,500 (2012 est.)

Exports:

$25.2 billion (2014 est.)

$26.53 billion (2013 est.)

Key Export Commodities:

crude oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food

Export Partners:

Italy 9.2%, Saudi Arabia 7.4%, India 7.2%, Turkey 5.4%, US 4.2% (2014)

Imports:

$64.34 billion (2014 est.)

$55.81 billion (2013 est.)

Key Import Commodities:

machinery and equipment, foodstuffs, chemicals, wood products, fuels

Import Partners:

China 11.2%, Germany 7.9%, US 7.4%, Kuwait 5.1%, Italy 4.6%, Ukraine 4.4%, Russia 4.2%, Turkey 4.1% (2014)

Inflation Rate (Consumer Price Index):

10.1% (2014 est.)

6.9% (2013 est.)

Exchange Rate to USD:

Egyptian pounds (EGP) per US dollar -

7.08 (2014 est.)

7.08 (2013 est.)

6.06 (2012 est.)

5.9358 (2011 est.)

5.6219 (2010 est.)

Unemployment Rate:

13% (2014 est.)

13.2% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings