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Economy of Egypt

The economy of Egypt was a highly centralized planned economy focused on import substitution under President Gamal Abdel Nasser. 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. After the 2011 revolution Egypt's foreign exchange reserves fell from $36 billion in December 2010 to only $16.3 billion in January 2012, also in February 2012 Standard & Poor's rating agency lowered the Egypt's credit rating from B+ to B in the long term.

In 2013, S&P lowered Egypt's long-term credit rating from B- to CCC+, and its short-term rating from B to C on worries about the country's ability to meet its financial targets and maintain social peace more than two years after President Hosni Mubarak was overthrown in an uprising, ushering in a new era.

Sectors

Agricultural sector

In 2000, agriculture accounted for 17% of Gross Domestic Production and 34% of total employment. Cotton has long been a primary exported cash crop, but it is no longer vital as an export. Egypt is also a substantial producer of wheat, corn, sugarcane, fruit and vegetables, fodder, and rice; substantial quantities of wheat are also imported, especially from the United States and Russia.

Industrial sector

Automobiles manufacturing

El Nasr Automotive Manufacturing Company is Egypt's state owned automobile company, founded in 1960 in Helwan, Egypt. Other manufacturers such as AAV - Arab American Vehicles, the Ghabbour Group, WAMCO - the Watania Automotive Manufacturing Company, and Manufacturing Commercial Vehicles (MCV) produce automobiles in Egypt.

Chemicals

Abu Qir Fertilizers Company (AFC) is one of the largest producers of nitrogen fertilizers in Egypt and the Middle East. It produces about 50% of the Egyptian Nitrogen Fertilizers.

Consumer electronics and home appliances

Olympic Group is the largest Egyptian group of companies operating mainly in the field of domestic appliances. Bahgat Group is a leading company in the fields of electronics and electrical home appliances, industries, constructions, internet service providing, and T.V. stations.

Steel industries

EZDK is a State-owned corporation and is the largest steel company in Egypt and the Middle East. It is ranked at the 65th place in the world biggest steel producers as per the World Steel Institute with total production of 4.5 Million Tons per year representing about three quarters of Egypt total annual production (6 Million Tons).

Textiles and clothing

The textile industry contributes with one quarter of Egypt's non-oil export proceeds, with Cotton textiles comprising the bulk of Egypt's TC export basket. The requirements of importers to Egypt of textiles and leather products were set out in the Egyptian Ministerial Decrees 626/2011 and 660/2011.

Construction and contracting sector

Orascom Construction Industries is a leading Egyptian EPC (engineering, procurement and construction) contractor, based in Cairo, Egypt and active in more than 20 countries. The company is the first multinational Egyptian corporation, and is one of the core Orascom Group companies. As a cement producer, OCI owned and operated cement plants in Egypt, Algeria, Turkey, Pakistan, northern Iraq and Spain, which had a combined annual production capacity of 21 million tonnes.

Services sector

Banking & insurance

Egypt's banking system has undergone major reforms since the 1990s and today consumers are faced with a liberalized and modernized system which is supervised and regulated according to internationally accepted standards. In the near future, a new mortgage law will enable purchasers to take out property loans. This will open up the market considerably and create a storm of development and real estate activity in the near future.

Communications

Egypt has long been the cultural and informational centre of the Arab world, and Cairo is the region's largest publishing and broadcasting centre.

Tourism sector

The Egyptian tourism industry is one of the most important sectors in the economy, in terms of high employment and incoming foreign currency. In 2009/10 tourism in Egypt constituted 1% of the world's tourism market.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Egypt"

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