| EGYPT |
Economy:
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.
GDP (purchasing power parity):
$497.8 billion (2010 est.)
country comparison to the world: 27
$473.4 billion (2009 est.)
$452.3 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$218.5 billion (2010 est.)
GDP - real growth rate:
5.1% (2010 est.)
country comparison to the world: 70
4.7% (2009 est.)
7.2% (2008 est.)
GDP - per capita (PPP):
$6,200 (2010 est.)
country comparison to the world: 138
$6,000 (2009 est.)
$5,900 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 13.5%
industry: 37.9%
services: 48.6% (2010 est.)
Exports - commodities:
crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed
food
Exports - 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 - commodities:
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners:
US 9.92%, China 9.63%, Germany 6.98%, Italy 6.88%, Turkey 4.94% (2009)
Banking
According to the Central Bank of Egypt (CBE), the Egyptian banking system currently
consists of 39 banks, split between commercial and non-commercial, public and private
sector banks. In practice, the vast majority of these banks operate as commercial
banks, although there are a few specialized banks (such as for agriculture and real
estate). National Bank of Egypt is a large public sector bank, as is Bank Misr, and
Banque du Caire. All banks in Egypt are subject to supervision by the CBE. However,
the Arab International Bank, Nasr Social Bank, and the National Investment Bank are
exempted due to special provisions in law and treaty.
Egypt aggressively consolidated and reformed the banking system under the 2003
banking law (Law 88 of 2003) Presidential Decree (No. 64 for 2005 which raised the
minimum capital requirements for banks sharply (from LE 100 million to LE 500 million
for domestic banks and from $10 million to $50 million for branches of foreign banks).
Stock Exchange
The Cairo and Alexandria Stock Exchanges, now called the Egyptian Stock Exchange
(EGX), is the only stock exchange in Egypt and it has grown significantly in volume and
value in the past few years. The volume of listed securities has more than quadrupled
from 5,311 in 2005 to about 25,556 in 2008 and the total value traded has more than
tripled from LE 160,635 million in 2005 to LE 529,000 million in 2008.
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.
GDP (purchasing power parity):
$497.8 billion (2010 est.)
country comparison to the world: 27
$473.4 billion (2009 est.)
$452.3 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$218.5 billion (2010 est.)
GDP - real growth rate:
5.1% (2010 est.)
country comparison to the world: 70
4.7% (2009 est.)
7.2% (2008 est.)
GDP - per capita (PPP):
$6,200 (2010 est.)
country comparison to the world: 138
$6,000 (2009 est.)
$5,900 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 13.5%
industry: 37.9%
services: 48.6% (2010 est.)
Exports - commodities:
crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed
food
Exports - 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 - commodities:
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners:
US 9.92%, China 9.63%, Germany 6.98%, Italy 6.88%, Turkey 4.94% (2009)
Banking
According to the Central Bank of Egypt (CBE), the Egyptian banking system currently
consists of 39 banks, split between commercial and non-commercial, public and private
sector banks. In practice, the vast majority of these banks operate as commercial
banks, although there are a few specialized banks (such as for agriculture and real
estate). National Bank of Egypt is a large public sector bank, as is Bank Misr, and
Banque du Caire. All banks in Egypt are subject to supervision by the CBE. However,
the Arab International Bank, Nasr Social Bank, and the National Investment Bank are
exempted due to special provisions in law and treaty.
Egypt aggressively consolidated and reformed the banking system under the 2003
banking law (Law 88 of 2003) Presidential Decree (No. 64 for 2005 which raised the
minimum capital requirements for banks sharply (from LE 100 million to LE 500 million
for domestic banks and from $10 million to $50 million for branches of foreign banks).
Stock Exchange
The Cairo and Alexandria Stock Exchanges, now called the Egyptian Stock Exchange
(EGX), is the only stock exchange in Egypt and it has grown significantly in volume and
value in the past few years. The volume of listed securities has more than quadrupled
from 5,311 in 2005 to about 25,556 in 2008 and the total value traded has more than
tripled from LE 160,635 million in 2005 to LE 529,000 million in 2008.
Background:
The regularity and richness of the annual Nile
River flood, coupled with semi-isolation
provided by deserts to the east and west,
allowed for the development of one of the
world's great civilizations. A unified kingdom
arose circa 3200 B.C., and a series of
dynasties ruled in Egypt for the next three
millennia. The last native dynasty fell to the
Persians in 341 B.C., who in turn were replaced
by the Greeks, Romans, and Byzantines. It was
the Arabs who introduced Islam and the Arabic
language in the 7th century and who ruled for
the next six centuries. A local military caste, the
Mamluks took control about 1250 and
continued to govern after the conquest of
Egypt by the Ottoman Turks in 1517. Following
the completion of the Suez Canal in 1869,
Egypt became an important world
transportation hub, but also fell heavily into
debt. Ostensibly to protect its investments,
Britain seized control of Egypt's government in
1882, but nominal allegiance to the Ottoman
Empire continued until 1914. Partially
independent from the UK in 1922, Egypt
acquired full sovereignty following World War II.
The completion of the Aswan High Dam in 1971
and the resultant Lake Nasser have altered the
time-honored place of the Nile River in the
agriculture and ecology of Egypt. A rapidly
growing population (the largest in the Arab
world), limited arable land, and dependence on
the Nile all continue to overtax resources and
stress society. The government has struggled
to ready the economy for the new millennium
through economic reform and massive
investment in communications and physical
infrastructure.Government type:
republic
Capital:
name: Cairo
time difference: UTC+2
daylight saving time: +1hr, begins last Friday in
April; ends last Thursday in
September
Independence:
28 February 1922 (from UK)
National holiday:
Revolution Day, 23 July (1952)
Constitution:
11 September 1971; amended 22 May 1980
and 25 May 2005
Legal system:
based on English common law, Islamic law, and
Napoleonic codes; judicial review by Supreme
Court and Council of State (oversees validity of
administrative decisions); accepts compulsory
ICJ jurisdiction, with reservations
Suffrage:
18 years of age; universal and compulsory
Government:
Chief of state: President Muhammad MURSI
(since 30 June 2012); vice president Mohamed
MEKKY (since 13 August 2012)
head of government: Prime Minister Hisham
QANDIL (since 24 July 2012)
cabinet: Prime Minister GANZOURI asked to
form a new government on 27 November 2011
elections: presidential election (first round held
on 23-24 May 2012; runoff held on 16-17 June
2012
election results: percent of vote (first round) -
Mohammed MURSI 24.3%, Ahmed SHAFIQ
23.3%, Hamdin SABBAHI 20.4%, Abdul Moneim
Aboul FOTOUH 17.2%, Amr MOUSSA 11.1,
other 3.7%; (runoff) - Mohammed MURSI
51.7%, Ahmed SHAFIQ 48.3%
For names of current Ministers, click here.
Disputes - international:
Sudan claims but Egypt de facto administers
security and economic development of Halaib
region north of the 22nd parallel boundary;
Egypt no longer shows its administration of the
Bir Tawil trapezoid in Sudan on its maps;
Gazan breaches in the security wall with Egypt
in January 2008 highlight difficulties in
monitoring the Sinai border; Saudi Arabia
claims Egyptian-administered islands of Tiran
and Sanafir
All the information on this page sourced from
the CIA World Factbook, the US Commercial
Service and relevant FATF M.E.R.
The regularity and richness of the annual Nile
River flood, coupled with semi-isolation
provided by deserts to the east and west,
allowed for the development of one of the
world's great civilizations. A unified kingdom
arose circa 3200 B.C., and a series of
dynasties ruled in Egypt for the next three
millennia. The last native dynasty fell to the
Persians in 341 B.C., who in turn were replaced
by the Greeks, Romans, and Byzantines. It was
the Arabs who introduced Islam and the Arabic
language in the 7th century and who ruled for
the next six centuries. A local military caste, the
Mamluks took control about 1250 and
continued to govern after the conquest of
Egypt by the Ottoman Turks in 1517. Following
the completion of the Suez Canal in 1869,
Egypt became an important world
transportation hub, but also fell heavily into
debt. Ostensibly to protect its investments,
Britain seized control of Egypt's government in
1882, but nominal allegiance to the Ottoman
Empire continued until 1914. Partially
independent from the UK in 1922, Egypt
acquired full sovereignty following World War II.
The completion of the Aswan High Dam in 1971
and the resultant Lake Nasser have altered the
time-honored place of the Nile River in the
agriculture and ecology of Egypt. A rapidly
growing population (the largest in the Arab
world), limited arable land, and dependence on
the Nile all continue to overtax resources and
stress society. The government has struggled
to ready the economy for the new millennium
through economic reform and massive
investment in communications and physical
infrastructure.Government type:
republic
Capital:
name: Cairo
time difference: UTC+2
daylight saving time: +1hr, begins last Friday in
April; ends last Thursday in
September
Independence:
28 February 1922 (from UK)
National holiday:
Revolution Day, 23 July (1952)
Constitution:
11 September 1971; amended 22 May 1980
and 25 May 2005
Legal system:
based on English common law, Islamic law, and
Napoleonic codes; judicial review by Supreme
Court and Council of State (oversees validity of
administrative decisions); accepts compulsory
ICJ jurisdiction, with reservations
Suffrage:
18 years of age; universal and compulsory
Government:
Chief of state: President Muhammad MURSI
(since 30 June 2012); vice president Mohamed
MEKKY (since 13 August 2012)
head of government: Prime Minister Hisham
QANDIL (since 24 July 2012)
cabinet: Prime Minister GANZOURI asked to
form a new government on 27 November 2011
elections: presidential election (first round held
on 23-24 May 2012; runoff held on 16-17 June
2012
election results: percent of vote (first round) -
Mohammed MURSI 24.3%, Ahmed SHAFIQ
23.3%, Hamdin SABBAHI 20.4%, Abdul Moneim
Aboul FOTOUH 17.2%, Amr MOUSSA 11.1,
other 3.7%; (runoff) - Mohammed MURSI
51.7%, Ahmed SHAFIQ 48.3%
For names of current Ministers, click here.
Disputes - international:
Sudan claims but Egypt de facto administers
security and economic development of Halaib
region north of the 22nd parallel boundary;
Egypt no longer shows its administration of the
Bir Tawil trapezoid in Sudan on its maps;
Gazan breaches in the security wall with Egypt
in January 2008 highlight difficulties in
monitoring the Sinai border; Saudi Arabia
claims Egyptian-administered islands of Tiran
and Sanafir
All the information on this page sourced from
the CIA World Factbook, the US Commercial
Service and relevant FATF M.E.R.
| KnowYourCountry |
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| Last Updated: 17 September 2012 |