Egypt+Economics

=**Economics** = 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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**Labor force:**
26.1 million (2010 est.)

**Labor force by occupation:**

 * Agriculture: 32%
 * Industry: 17%
 * Services: 51%

**Unemployment rate:**
9.7% (2010 est.)

**Population below poverty line:**
20% (2005 est.)

**Public debt:**
80.5% of GDP (2010 est.)

**Inflation rate (consumer prices):**
12.8% (2010 est.)

**Agriculture products:**
cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats

**Industries:**
textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures

**Electricity:**

 * Production: 118.4 billion kWh (2007 est.)
 * Consumption: 104.1 billion kWh (2007 est.)
 * Imports: 251 million kWh (2007 est.)
 * Exports:814 million kWh (2007 est.)

Oil:

 * Production: 680,500 bbl/day (2009 est.)
 * Consumption: 683,000 bbl/day (2009 est.)
 * Imports: 48,450 bbl/day (2009 est.)
 * Exports: 89,300 bbl/day (2009 est.)

Natural gas:

 * Production: 62.7 billion cu m (2009 est.)
 * Consumption: 42.5 billion cu m (2009 est.)
 * Imports: 0 cu m (2009 est.)
 * Exports: 8.55 billion cu m (2009 est.)

Exports:
$25.34 billion (2010 est.)
 * Commodities: crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food
 * Partners: US 7.95%, Italy 7.26%, Spain 6.78%, India 6.69%, Saudi Arabia 5.53%, Syria 5.3%, France 4.39%, South Korea 4.27% (2009)

**Imports:**
$46.52 billion (2010 est.)
 * Commodities: machinery and equipment, foodstuffs, chemicals, wood products, fuels
 * Partners:US 9.92%, China 9.63%, Germany 6.98%, Italy 6.88%, Turkey 4.94% (2009)

**Debt:**
$30.61 billion (31 December 2010 est.)

**Exchange rates:**
Egyptian pounds (EGP) per US dollar - 5.6124 (2010), 5.545 (2009), 5.4 (2008), 5.67 (2007), 5.725 (2006)

Student Questions:
1. What is the unemployment rate in Egypt? a. 7.2% b. 8.6% c. 9.2% d. 9.7%

2. Which of the following is not an agricultural product of Egypt? a. Wheat b. Corn c. Soy Beans d. Cotton

Answers: 1. d 2. c

**References:**
The World Factbook. (n.d.). //Central Intelligence Agency//. Retrieved April 6, 2011, from []


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