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Economy
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Economy Overview
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 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. The global financial crisis slowed the reform efforts. The budget deficit climbed to over 8% of GDP and Egypt's GDP growth slowed to 4.6% in 2009, predominately due to reduced growth in export-oriented sectors, including manufacturing and tourism, and Suez Canal revenues. In 2010, the government spent more on infrastructure and public projects, and exports drove GDP growth to more than 5%, but GDP growth in 2011 is unlikely to bounce back to pre-global financial recession levels, when it stood at 7%. Despite the relatively high levels of economic growth over the past few years, living conditions for the average Egyptian remain poor.
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Exports - commodities:
crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food
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Budget
revenues: $$47.66 billion expenditures: $65.05 billion (2010 est.)
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Exports:
$25.02 billion (2010 est.)
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Imports:
$51.54 billion (2010 est.)
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Debt External
$35.03 billion (31 December 2010 est.)
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Stock of direct foreign investment - at home:
$73.09 billion (31 December 2010 est.)
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Stock of direct foreign investment - abroad:
$5.447 billion (31 December 2010 est.)
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Electricity Exports
1.022 billion kWh (2008 est.)
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Electricity Imports
896 million kWh (2008 est.)
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Electricity Production
123.9 billion kWh (2008 est.)
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Exchange Rates
Egyptian pounds (EGP) per US dollar -
5.6124 (2010)
5.545 (2009)
5.4 (2008)
5.67 (2007)
5.725 (2006)
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Exports Commodities
crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food
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Exports Partners
US 7.6%, Italy 7.3%, India 6.1%, Spain 5.4%, Saudi Arabia 5.4%, France 4.7%, Libya 4% (2010)
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GDP Composition By Sector
agriculture: 14%
industry: 37.5%
services: 48.3% (2010 est.)
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GDP Per Capita (PPP)
$6,200 (2010 est.)
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GDP Real Growth
5.1% (2010 est.)
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GDP Official Exchange Rate
$218.5 billion (2010 est.)
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GDP Purchasing Power Parity
$497.8 billion (2010 est.)
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Natural Gas Consumption
44.37 billion cu m (2009 est.)
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Natural Gas Exports
18.32 billion cu m (2009 est.)
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Natural Gas Imports
0 cu m (2009 est.)
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Natural Gas Production
62.69 billion cu m (2009 est.)
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Natural Gas Proved Reserves
2.186 trillion cu m (1 January 2011 est.)
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Oil consumption
740,000 bbl/day (2010 est.)
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Oil exports
163,000 bbl/day (2009 est.)
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Oil imports
177,200 bbl/day (2009 est.)
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Oil production
662,600 bbl/day (2010 est.)
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Oil proved reserves
4.4 billion bbl (1 January 2011 est.)
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Population below poverty line
20% (2005 est.)
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Public debt
79.9% of GDP (2010 est.)
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Unemployment rate
9% (2010 est.)
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Source: CIA World Factbook
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