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    Egypt Economy - 1990

      Overview: Egypt has one of the largest public sectors of all the Third World economies, most industrial plants being owned by the government. Overregulation holds back technical modernization and foreign investment. Even so, the economy grew rapidly during the late 1970s and early 1980s, but in 1986 the collapse of world oil prices and an increasingly heavy burden of debt servicing led Egypt to begin negotiations with the IMF for balance-of-payments support. As part of the 1987 agreement with the IMF, the government agreed to institute a reform program to reduce inflation, promote economic growth, and improve its external position. The reforms have been slow in coming, however, and the economy has been largely stagnant for the past three years. With 1 million people being added every eight months to Egypt's population, urban growth exerts enormous pressure on the 5% of the total land area available for agriculture.

      GDP: $38.3 billion, per capita $700; real growth rate 1.0% (1989 est.)

      Inflation rate (consumer prices): 25% (1989 est.)

      Unemployment rate: 15% (1989 est.)

      Budget: revenues $7 billion; expenditures $11.5 billion, including capital expenditures of $4 billion (FY89 est.)

      Exports: $2.55 billion (f.o.b., 1989); commodities--raw cotton, crude and refined petroleum, cotton yarn, textiles; partners--US, EC, Japan, Eastern Europe

      Imports: $10.1 billion (c.i.f., 1988); commodities--foods, machinery and equipment, fertilizers, wood products, durable consumer goods, capital goods; partners--US, EC, Japan, Eastern Europe

      External debt: $45 billion (December 1989)

      Industrial production: growth rate 2-4% (1989 est.)

      Electricity: 11,273,000 kW capacity; 42,500 million kWh produced, 780 kWh per capita (1989)

      Industries: textiles, food processing, tourism, chemicals, petroleum, construction, cement, metals

      Agriculture: accounts for 20% of GNP and employs more than one-third of labor force; dependent on irrigation water from the Nile; world's fifth-largest cotton exporter; other crops produced include rice, corn, wheat, beans, fruit, vegetables; not self-sufficient in food; livestock--cattle, water buffalo, sheep, and goats; annual fish catch about 140,000 metric tons

      Aid: US commitments, including Ex-Im (FY70-88), $14.7 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $7.8 billion; OPEC bilateral aid (1979-89), $2.9 billion; Communist countries (1970-88), $2.4 billion

      Currency: Egyptian pound (plural--pounds); 1 Egyptian pound (LE) = 100 piasters

      Exchange rates: Egyptian pounds (LE) per US$1--2.5790 (January 1990), 2.5171 (1989), 2.2128 (1988), 1.5015 (1987), 1.3503 (1986), 1.3010 (1985)

      Fiscal year: 1 July-30 June

      NOTE: The information regarding Egypt on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Egypt Economy 1990 information contained here. All suggestions for corrections of any errors about Egypt Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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