Flag description: three equal horizontal bands of red (top), white, and black with the national emblem (a shield superimposed on a golden eagle facing the hoist side above a scroll bearing the name of the country in Arabic) centered in the white band; similar to the flag of Yemen, which has a plain white band; also similar to the flag of Syria that has two green stars and to the flag of Iraq, which has three green stars (plus an Arabic inscription) in a horizontal line centered in the white band
Economy
Economy - overview: By the end of the 1980s Egypt - hit by the collapse of the world oil market and servicing a foreign debt totaling about $50 billion - faced crises in virtually all economic sectors. Problems of low productivity and poor economic management were compounded by the adverse social effects of large population growth rates, high inflation, and massive urban overcrowding. In the face of these pressures, in 1991, Egypt undertook wide-ranging macroeconomic stabilization and structural reform measures. This reform effort has been supported by three successive IMF arrangements, the last of which was concluded in October 1996. Egypt's reform efforts - and its participation in the Gulf war coalition - also led to massive debt relief under the Paris Club arrangements. Egypt's foreign debt fell to about $31 billion at yearend 1996. Although the pace of reform has been uneven and slower than envisaged under the IMF programs, substantial progress has been made in improving macroeconomic performance - budget deficits have been slashed while foreign reserves in 1996 were at an all-time high - and in moving toward a more decentralized, market-oriented economy. Egypt was able to capitalize on its progress during the third Middle East/North Africa economic conference which it hosted in November 1996. Egypt's President MUBARAK told reporters that Egypt had concluded deals worth $10 billion in investment during the conference, 20 times the country's estimated total direct foreign investment for the 1995/96 fiscal year. According to press reports, Egypt and foreign investors agreed on nine megaprojects, including the export of liquefied natural gas from Egypt to Turkey, estimated at $2 billion to $4 billion. Egypt has a broad-based inventory of geographic, human, and physical assets which in a liberalized market environment could spur rapid, sustainable growth into the next century. But rapid population growth continues to cast a shadow over economic prospects.
GDP: purchasing power parity - $183.9 billion (1996 est.)
GDP - real growth rate: 4.9% (1996 est.)
GDP - per capita: purchasing power parity - $2,900 (1996 est.)
GDP - composition by sector: agriculture: 16% industry : 34% services: 50% (1995 est.)
Inflation rate - consumer price index: 7.3% (1996)
Labor force: total: 17.4 million (1996 est.) by occupation: agriculture 40%, services, including government 38%, industry 22% (1990 est.)
Unemployment rate: 9.4% (FY95/96 official estimate)