Economy: Its Definition & Types, and System

By Tara Shwan

An economy is a system of organization and institution that either facilitate or play a role in the production and distribution of goods and services in the society.

Read More

The Economy of Egypt

December 09, 2016

The Economy of Egypt:

The economy of Egypt was a highly centralized planned economy focused on import substitution. In the 1990s, a series of International Monetary Fund arrangements, coupled with massive external debt relief resulting from Egypt's participation in the Gulf War coalition, helped Egypt improve its macroeconomic performance.

Since 2000, the pace of structural reforms, including fiscal, monetary policies, taxation, privatization and new business legislations, helped Egypt move towards a more market-oriented economy and prompted increased foreign investment.

The reforms and policies have strengthened macroeconomic annual growth results which averaged 8% annually between 2004 and 2009 but the government largely failed to equitably share the wealth and the benefits of growth have failed to trickle down to improve economic conditions for the broader population, especially with the growing problem of unemployment and underemployment.

Population: The current population of Egypt is 93,924,182 as of October, 2016, based on the latest United Nations estimates. Egypt population is equivalent to 1.25% of the total world population. Egypt ranks number 15 in the list of countries by population.

Currency: Egyptian Pound (EGP)
Trade organizations: WTO
GDP rank: 32nd (nominal) / 24th (PPP)
GDP per capita: $11,194 (PPP) (2015)
GDP by sector: agriculture: 14.5%; industry: 37.5%; services: 49% (2013)
Population below poverty line: 26% (2015)
Labour force: 28.4 million (March 2016)
Labour force by occupation: Agriculture (29%), Industry (24%), Services (47%) (2011).

Main industries: Textiles, Food Processing, Tourism, Chemicals, Pharmaceuticals, Hydrocarbons, Construction, Cement, Metals, Light Manufactures

Ease-of-doing-business rank: 110th
Exports: $20.88 billion (2015)
Export goods: Crude oil and Petroleum products, Cotton, Textiles, Metal Products, Chemicals, Agricultural goods

Main export partners:

Saudi Arabia 9.1%
Italy 7.5%
Turkey 5.8%
United Arab Emirates 5.1%
United States 5.1%
United Kingdom 4.4%
India 4.1% (2015)

Imports: $57.91 billion (2015)
Import goods: Machinery and Equipment, Foodstuffs, Chemicals, Wood products, Fuels

Main import partners:

China 13%
Germany 7.7%
United States 5.9%
Turkey 4.5%
Russia 4.4%
Italy 4.4%
Saudi Arabia 4.1% (2015)

Revenues: $70 billion (2015), Expenses: $100.8 billion (2015)

Main data source: CIA World Fact Book