Egypt's economy
The Egyptian economy and one of the most economies of the Middle East diverse, with participation by the sectors of agriculture, industry, tourism and services at rates almost comparable in the Egyptian economy. The economy of Egypt mainly on agriculture, and entered the Suez Canal, tourism, taxation, cultural production and media, oil and remittances of foreign labor from more than 3 million Egyptians working abroad, mainly in Saudi Arabia and the Gulf region such as the United Arab Emirates are remittances as a resource for the economy There is also Egyptian in the United States of America, Europe and Australia.
Development of Egyptian economy.
Over the Egyptian economy, a number of stages since 1952, began the first phase in 1952 and continued until 1960, and dominated by a number of economic policies are in the direction of the redistribution of resources, through the intervention of the State is clear in economic activity, and the most prominent of these policies, the agrarian reform law In September 1952, and the trend to industrialization to absorb more employment and create a "Permanent Council for the development of national production" late the same year, and the start of direct government investment through the Iron and Steel Company in 1954, and the nationalization of the Suez Canal in 1956.
The Egyptian economy and one of the most economies of the Middle East diverse, with participation by the sectors of agriculture, industry, tourism and services at rates almost comparable in the Egyptian economy. The economy of Egypt mainly on agriculture, and entered the Suez Canal, tourism, taxation, cultural production and media, oil and remittances of foreign labor from more than 3 million Egyptians working abroad, mainly in Saudi Arabia and the Gulf region such as the United Arab Emirates are remittances as a resource for the economy There is also Egyptian in the United States of America, Europe and Australia.
Development of Egyptian economy.
Over the Egyptian economy, a number of stages since 1952, began the first phase in 1952 and continued until 1960, and dominated by a number of economic policies are in the direction of the redistribution of resources, through the intervention of the State is clear in economic activity, and the most prominent of these policies, the agrarian reform law In September 1952, and the trend to industrialization to absorb more employment and create a "Permanent Council for the development of national production" late the same year, and the start of direct government investment through the Iron and Steel Company in 1954, and the nationalization of the Suez Canal in 1956.
With the growing trend of state intervention began to plan through the creation of the National Planning Commission in 1957 instead of the Council of national production.
In 1960 began the second phase, called the stage of comprehensive planning and continued until 1966, and was the most important features of economic planning national, global and application Socialist, was to start the first five-year plan a comprehensive 60-1965 based implementation of the economic sector commander attributed several policies notably socialist laws, limiting the hours employment, wages and regulate the relationship between landlord and tenant and intervention in setting prices, have resulted in that stage for achieving a growth rate of 38% during the five-year plan. In 1967 began the third phase of economic development of Egypt is the stage of the war economy, where the economy suffered from the problem of financing the plan and policies have been serving the ready to liberate the land of Egyptian territory, and military expenditure increased from 5.5% of GDP in 1962 to 10% in 1967, then to 20 % in 1973. The fourth phase began in 1974 with the introduction of economic openness, has been causing a radical shift in economic systems and policies, and the most prominent features of this phase transition from a system of comprehensive planning, and replace it with programs annually in the form of plans, animated, and the use of capital-Arab and foreign investment in development through the laws of economic openness , has been a high growth rate during that period came to 9.8% but was associated with growth in service sectors without productivity. Was initiated in the other stage is the stage to return to planning comprehensive national (1982 - 1990), and continue to walk in the policy of economic openness and investment promotion, economic development was at the top of this project, so the call to hold economic conference in February 1982 to determine where and how to start the process of development in Egypt.
During the conference specialists agreed on the importance of a development strategy ambitious and sustained through the five-year plans, which began in 1982. Have I left the development process in the first phase of building a strong infrastructure, and debt rescheduling, as well as to intensify the shift towards a market economy, and most important of which abolish the system of central planning and replace it in a manner indicative planning, and reconsider the priorities of the plan, and reducing the role of the public sector gradually, and the transition to the private sector while maintaining the state's role in macroeconomic management so as to ensure price stability and external balance and fairness in the distribution and the prevention of monopoly and the transition from the manufacturing phase for the replacement of imports to the stage of manufacturing for export.
The results of economic and financial performance to improve significantly during the outgoing fiscal year and the first quarter of the year 2007 / 2008, the Egyptian economy achieved a growth rate of 7.1%, rising GDP at factor cost of production to 684.4 billion pounds.
The year 2007 witnessed the introduction of five-year plan 2007/2012, which aimed at achieving an annual growth rate of 8% and reducing inflation rate to 5% by the end of the plan. The same year also saw the rise of public revenues and grants increased by 19.1% to reach LE 180.2 billion increased tax revenues by about 16.9% to reach 114.3 billion pounds as revenues rose, non-fiscal year of 23.2% to reach 65.9 billion pounds and total income taxes in the last financial year 58.5, up 21.3% from 2006, also increased the outcome of tax sales by 13.7% to reach 39.4 billion pounds, also increased customs revenues by about 7.4% to reach 10.4 billion pounds due to the increase in imports also increased spending on wages and salaries increased by 11.6% to reach 52.1 billion pounds and increased item-supported grants and social benefits to 58.4 billion pounds, down overall deficit from 9.2% to 7.5% of the GDP.
The main sources of the Egyptian economy.
* Remittances from Egyptians working in foreign countries (and is working in Saudi Arabia and the United States ranking first and second respectively
* Returns the tourism sector (The tourists from Saudi Arabia in particular and the Persian Gulf the first place on the export of Arab tourists to Egypt and European countries, led by Rossiaoiitalia, Germany)
In 1960 began the second phase, called the stage of comprehensive planning and continued until 1966, and was the most important features of economic planning national, global and application Socialist, was to start the first five-year plan a comprehensive 60-1965 based implementation of the economic sector commander attributed several policies notably socialist laws, limiting the hours employment, wages and regulate the relationship between landlord and tenant and intervention in setting prices, have resulted in that stage for achieving a growth rate of 38% during the five-year plan. In 1967 began the third phase of economic development of Egypt is the stage of the war economy, where the economy suffered from the problem of financing the plan and policies have been serving the ready to liberate the land of Egyptian territory, and military expenditure increased from 5.5% of GDP in 1962 to 10% in 1967, then to 20 % in 1973. The fourth phase began in 1974 with the introduction of economic openness, has been causing a radical shift in economic systems and policies, and the most prominent features of this phase transition from a system of comprehensive planning, and replace it with programs annually in the form of plans, animated, and the use of capital-Arab and foreign investment in development through the laws of economic openness , has been a high growth rate during that period came to 9.8% but was associated with growth in service sectors without productivity. Was initiated in the other stage is the stage to return to planning comprehensive national (1982 - 1990), and continue to walk in the policy of economic openness and investment promotion, economic development was at the top of this project, so the call to hold economic conference in February 1982 to determine where and how to start the process of development in Egypt.
During the conference specialists agreed on the importance of a development strategy ambitious and sustained through the five-year plans, which began in 1982. Have I left the development process in the first phase of building a strong infrastructure, and debt rescheduling, as well as to intensify the shift towards a market economy, and most important of which abolish the system of central planning and replace it in a manner indicative planning, and reconsider the priorities of the plan, and reducing the role of the public sector gradually, and the transition to the private sector while maintaining the state's role in macroeconomic management so as to ensure price stability and external balance and fairness in the distribution and the prevention of monopoly and the transition from the manufacturing phase for the replacement of imports to the stage of manufacturing for export.
The results of economic and financial performance to improve significantly during the outgoing fiscal year and the first quarter of the year 2007 / 2008, the Egyptian economy achieved a growth rate of 7.1%, rising GDP at factor cost of production to 684.4 billion pounds.
The year 2007 witnessed the introduction of five-year plan 2007/2012, which aimed at achieving an annual growth rate of 8% and reducing inflation rate to 5% by the end of the plan. The same year also saw the rise of public revenues and grants increased by 19.1% to reach LE 180.2 billion increased tax revenues by about 16.9% to reach 114.3 billion pounds as revenues rose, non-fiscal year of 23.2% to reach 65.9 billion pounds and total income taxes in the last financial year 58.5, up 21.3% from 2006, also increased the outcome of tax sales by 13.7% to reach 39.4 billion pounds, also increased customs revenues by about 7.4% to reach 10.4 billion pounds due to the increase in imports also increased spending on wages and salaries increased by 11.6% to reach 52.1 billion pounds and increased item-supported grants and social benefits to 58.4 billion pounds, down overall deficit from 9.2% to 7.5% of the GDP.
The main sources of the Egyptian economy.
* Remittances from Egyptians working in foreign countries (and is working in Saudi Arabia and the United States ranking first and second respectively
* Returns the tourism sector (The tourists from Saudi Arabia in particular and the Persian Gulf the first place on the export of Arab tourists to Egypt and European countries, led by Rossiaoiitalia, Germany)
* Exports of petroleum products (and a gas export a major part of them) and transit charges in the Suez Canal (exchange oil and the Suez Canal arrangement according to the third and fourth years of the study)
At the level of national income has grown in recent years, the telecommunications sector dramatically to become the service sector, especially tourism, and telecommunications are the largest contributor to the gross national product in addition to agriculture and the industrial sector, a garment industry is a key part of the output of the industrial sector as well as food and beverage industry, assembly industries developing new .
Completion of the Aswan High Dam in 1971 and the resulting lake built by Gamal Abdel Nasser select the arable land in Egypt.
At the level of national income has grown in recent years, the telecommunications sector dramatically to become the service sector, especially tourism, and telecommunications are the largest contributor to the gross national product in addition to agriculture and the industrial sector, a garment industry is a key part of the output of the industrial sector as well as food and beverage industry, assembly industries developing new .
Completion of the Aswan High Dam in 1971 and the resulting lake built by Gamal Abdel Nasser select the arable land in Egypt.
Fought the government in order to prepare the economy for the new millennium through economic reform and massive investment in telecommunications, construction infrastructure, natural country is receiving aid from the United States (since 1979 the total aid to $ 2.2 billion in the year, more than half of which is for military aid is to reduce economic aid annually based on a decision of the U.S. Congress).
As for tax reforms started since 2005 in order to constitute an important income for the Egyptian economy. Economic conditions in Egypt show promising many things as it is the first country in the Arab world, exports to countries in the world in addition to increasing revenues from tourism and a booming stock market. In the annual report was considered the International Monetary Fund Egypt, a country high in the world that assumes that economic reforms, however, the current conditions do not bode so many of the Egyptians and the international institutions, think that the pace of these reforms is slow in the annual report of the countries for attracting investment Egypt came 165 out of 175 State and ranked 77 in the States that apply the policy of transparency. And have achieved "the Stock Exchange Egyptian" in 2005 marked a growth of 146% - achieved index "Hermes" 131.7% this year - and then turned out to be a loss of 15.42% by the end of the month of February 2006, The benchmark "market of Cairo and Alexandria FINANCIAL "grew by 104% (U.S. dollar) during the period between February 2002 and February 2006 thanks to high oil prices.
And occupied the "National Bank of Egypt" in fourth place among the top 50 Arab bank in 2005 in terms of assets with total assets of $ 26 billion, while solving each of the "Bank of Cairo" and "Bank of Alexandria" and "Misr International Bank" in the top 29.34, 50 assets with a total of 8, 6.6 and 3 billion dollars, respectively. And in terms of profit solution, "National Societe Generale Bank" in the center 38 a profit of $ 86 million, while solving the "National Bank of Egypt" and "Misr International Bank" at the bottom, 42, 47, a profit of $ 55 and $ 29 million, respectively, and the beginning of the year 2008: Egypt in the tunnel hyper-inflation, especially in food prices and the worsening phenomenon of bread queues, resulting in some of the unrest and strikes as events Mahalla al-Kubra
Sectors of the Egyptian economy.
Foreign Economic Relations on the path to further liberalization of trade through membership in the WTO, and participation in several regional economic groupings and international organizations such as the Partnership Agreement with the European Union, the Convention on trade facilitation Arab effort to establish the Arab common market, and COMESA, and the European Union African, and a group of Agadir, and the Group of Fifteen developing countries, and the Group of Eight Islamic, in addition to several bilateral free trade agreements with many other countries. Agriculture. Agricultural exports are an important source of national income, has experienced continuous growth, where the rising value of agricultural exports of 471 million pounds in the early eighties to about 6.79 billion pounds in the third millennium.
The agricultural exports witnessed a remarkable development during the last five years, comes at the forefront of Egyptian agricultural exports, exports of raw cotton.
With a crop of rice first place in the Egyptian agricultural exports by about 40% of total exports, Egypt's exports of potatoes and fresh oranges, second and third places in the list of Egypt's agricultural exports (excluding raw cotton).
The EU market at the forefront of the markets receiving Egyptian exports to accommodate 42% of total exports. Production rose quantitative plant well, where production reached a group of grain crops 22.9 million tons and 20.31 million tons of vegetables, and fruits, 8.9 million tons, and a group Fiber 821 thousand tonnes, and oilseeds Group 328 thousand tons.
Industry. Egypt witnessed an industrial boom in the 19 th century at the hands of "Muhammad Ali", who saw his time to establish a major manufacturing base, including the textile industry and sugar industry and the era of oil and rice mills and prospered military industries has been the establishment of an arsenal of industries ships and factories for the preparation of chemicals.
With the beginning of the century atheist twenty Egypt began stage of advancement of the Egyptian industry and boost the competitiveness of Egyptian products and modernizing the Egyptian industry within the framework of an integrated program contributes to raise exports to actively join in the global economy, in addition to providing an appropriate environment for industrial activity and trade to encourage the private sector to carry out the primary role in achieving economic development. Represents the industry lagging in terms of importance to the national economy of Egypt, it comes on top of economic sectors in terms of its contribution to GDP (about 17.5% in 2005-2006), in addition to its relationship with filigree strong with many productive and service sectors, as well as role in the development of foreign trade and improving the balance of payments. The contribution of the industrial sector in GDP to 275.3 billion pounds, the private sector contributed about 223.9 billion pounds, up 81.3% and public sector contributed about 51.5 billion pounds, up 18.7%. Recent years have seen a gradual increase in the total Egyptian industrial exports, which increased the total value of exports from 13.8 billion dollars in 2004/2005, to reach 22 billion dollars in 2006/2007
Energy. The oil industry in Egypt has historical roots from the era of the Pharaohs, where the drawings on the walls of temples show that the Pharaohs used crude oil as fuel for lighting the oil lamp.
However is not the first geological survey in Egypt only in the nineteenth century by a French naval officer in 1835. In 1886, the Egyptian government to dig the first well in the Eastern Desert, the well was producing about 25 barrels per day. Natural gas was the first discovery in Egypt by the Egyptian International Company for Petroleum in the Abu Madi in 1969.
The oil industry actually began in Egypt in 1956, when a law was passed establishing the General Organization for Petroleum Affairs. In March 1973 was the establishment of the Ministry of Petroleum as an independent ministry, to initiate and regulate the oil industry in Egypt. Since 1981, oil now represents one of the fundamental pillars of the economy, and an important source of income sources of the Egyptian national.
Estimated total production of crude oil and condensate and natural gas and LPG at about 1458 million tons equivalent. There is no doubt that this period was a major challenge for the petroleum sector for the continuation of valuable production rates and to maintain levels, has made the oil sector higher rate him a valuable history valuable in 2007/2008 where it reached about 76 million tons equivalent was most valuable gas production at about 42.9 million tons EQ.
Communication and Information. Smart Village, which is created from the most prominent features of the power of the Egyptian.
The oil industry actually began in Egypt in 1956, when a law was passed establishing the General Organization for Petroleum Affairs. In March 1973 was the establishment of the Ministry of Petroleum as an independent ministry, to initiate and regulate the oil industry in Egypt. Since 1981, oil now represents one of the fundamental pillars of the economy, and an important source of income sources of the Egyptian national.
Estimated total production of crude oil and condensate and natural gas and LPG at about 1458 million tons equivalent. There is no doubt that this period was a major challenge for the petroleum sector for the continuation of valuable production rates and to maintain levels, has made the oil sector higher rate him a valuable history valuable in 2007/2008 where it reached about 76 million tons equivalent was most valuable gas production at about 42.9 million tons EQ.
Communication and Information. Smart Village, which is created from the most prominent features of the power of the Egyptian.
telecommunications sector. Egypt was chosen as the best state provide outsourcing services in the world. This sector is active and added to the state treasury, according to government figures, a billion dollars, the Egyptian government expect significant growth in this sector to reach $ 20 billion in 2020.
Provinces of economic power.
* Damietta considered to be of valuable forces of the country's economy, as there are the following industries
Furniture - Fishing Vessels - Yachts Tourism - yarn and fabric - Dairy - Desserts - Fishing - canned fish - Agriculture
* Canal Governorates valuable economy depends on the Suez Canal and the maritime trade
* South Sinai, Red Sea, Luxor and Aswan, dependent on tourism
Unemployment. The number of unemployed in Egypt 2.135 million people in 2007 according to a report issued by the Central Agency for Public Mobilization and Statistics.
