Egypt |
|
| 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, Egypt managed
to tame inflation, slash budget deficits, and attract more
foreign investment. In the past four 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 and Suez Canal tolls, and Egypt 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. In the short term, regional tensions will continue
to affect tourism and hold back prospects for economic expansion.
|
| GDP |
purchasing
power parity - $289.8 billion (2002 est.) |
| GDP
- real growth rate |
3.2% (2002
est.) |
| GDP
- per capita |
purchasing
power parity - $4,000 (2002 est.) |
| GDP
- composition by sector |
agriculture:
17%
industry: 34%
services: 49% (2001) |
| Population
below poverty line |
22.9% (FY
95/96 est.) |
| Inflation
rate (consumer prices) |
4.3% (2002
est.) |
| Labor
force |
20.6 million
(2001 est.) |
| Labor
force - by occupation |
agriculture
29%, industry 22%, services 49% (2000 est.) |
| Unemployment
rate |
12% (2001
est.) |
| Industries |
textiles,
food processing, tourism, chemicals, hydrocarbons, construction,
cement, metals |
| Industrial
production growth rate |
2.2% (2002
est.) |
|
|
