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Egypt

Capital City: Cairo
%T:%M %A in Cairo
Between 2000 and 2003, the Egyptian economy has had a 3% average annual GDP growth rate, due to September 11th, to recent regional political instability and to economic reforms. This growth was insufficient to let the economy take off and unemployment has maintained its progression, which is officially 10.7% and unofficially is more than 20%. However, a moderate revival has started in 2004 with a 3.7% growth rate confirmed in 2005 with a 4,8% growth rate. The IMF forecasts a 5% growth in 2006. The appreciation of the Egyptian Pound contributes to the drop of the inflation rate (8.8% in 2005 whereas it was 11.3% in 2004).

Agriculture employs 35% of the active population and contributes to 17% of its GDP. The main crops are cereals, cotton and sugarcane. Egyptian hydrocarbons reserves are huge. In the long run, gas could replace oil, which is declining. In the manufacturing sector, food processing industry has developed considerably and now provides 17% of the GDP. Maritime freight ensures 80% of the country's exchanges. Tourism and rights of way on the Suez Canal are the country's main foreign currencies resources.

The Egyptian market has gradually been opening up, especially since the EU-Egypt Association Agreement was signed in June 2001, and came into force in June 2004. Egypt 's top export partners are India, the United States and the United Kingdom. Its top import partners are the United States, Italy and Germany. Egypt mainly imports consumer and capital goods, cereals and chemicals.

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