Economy 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.)
Household income or consumption by percentage share: lowest 10%: 4.4% highest 10%: 25% (1995)
Distribution of family income - Gini index:
28.9 (1995)
Inflation rate (consumer prices):
4.3% (2002 est.)