A series of IMF arrangements - coupled with
massive external debt relief resulting from Egypt's participation in
the Gulf war coalition - helped Egypt improve its macroeconomic
performance during the 1990s. Through sound fiscal and monetary
policies, Cairo tamed inflation, slashed budget deficits, and built up
foreign reserves. Although the pace of structural reforms - such as
privatization and new business legislation - has been slower than the
IMF envisioned, Egypt's steps toward a more market-oriented economy
have prompted increased foreign investment. Lower combined hard
currency inflows - from tourism, worker remittances, oil revenues, and
Suez Canal tolls - in 1998 and the first half of 1999 resulted in
pressure on the Egyptian pound and sporadic dollar shortages, but
external payments were not in crisis. Despite ample reserves, the
Central Bank did not provide sufficient hard currency to commercial
banks and Cairo restricted imports for a short period; these
developments confirmed to some investors and currency traders that
government financial operations lack sufficient coordination and
openness. Monetary pressures have since eased, however, with the
continued oil price recovery starting in mid-1999 and a moderate
rebound in tourism. Increased gas exports are a major plus factor in
future growth.

purchasing power parity - $200 billion (1999 est.)

5% (1999 est.)

purchasing power parity - $3,000 (1999 est.)

agriculture: 17%
industry: 32%
services: 51% (1999)

NA%

lowest 10%: 3.9%
highest 10%: 26.7% (1991)

3.7% (1999)

19 million (1999 est.)

agriculture 40%, services 38%, industry
22% (1990 est.)

11.8% (1999 est.)

revenues: $20.7 billion
expenditures: $22.3 billion, including capital expenditures of $NA
(FY98/99)

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

5% (1999 est.)

57.8 billion kWh (1998)

fossil fuel: 78.72%
hydro: 21.28%
nuclear: 0%
other: 0% (1998)

53.754 billion kWh (1998)

0 kWh (1998)

0 kWh (1998)

cotton, rice, corn, wheat, beans, fruits,
vegetables; cattle, water buffalo, sheep, goats; fish

$4.6 billion (f.o.b., 1999 est.)

crude oil and petroleum products, cotton,
textiles, metal products, chemicals

EU 47%, US 14%, Turkey 8% (1998)

$15.8 billion (f.o.b., 1999 est.)

machinery and equipment, foodstuffs, chemicals,
wood products, fuels

EU 42%, US 16%, Japan 5% (1998)

$30 billion (1999 est.)

ODA, $2.25 billion (1999)

1 Egyptian pound = 100 piasters

Egyptian pounds per US$1 - market rate - 3.4050
(January 2000), 3.4050 (1999), 3.3880 (1998), 3.3880 (1997), 3.3880
(1996), 3.3900 (1995)

1 July - 30 June