Economy of Egypt
Egypt is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Egypt may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Egypt exports around $24.81 billion and imports roughly $59.22 billion. 12.1% of population in the country are unemployed. The total number of unemployed people in Egypt is 12,024,465. In Egypt, 25.2% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Egypt is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.8% of GDP. The Gini Index of the country is 30.8. Egypt is experiencing good equality. The majority of citizens in Egypt fall within a narrow range of income, although some cases may show significant differences. Egypt has a Human Development Index (HDI) of 0.682. Egypt has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Egypt is 2.382. The strength of legal rights index for Egypt is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.
The currency of Egypt is Egyptian pound. The plural form of the word Egyptian pound is pounds. The symbol used for this currency is E£, and it is abbreviated as EGP. The Egyptian pound is divided into Piastre; there are 100 in one pound.
The depth of credit information index for Egypt is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Egypt has a credit rating score of B-, and the prospects of this rating are positive. According to the Fitch credit-rating agency, Egypt has a credit rating score of B, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Egypt has a credit rating score of B3, and the prospects of this rating are stable.
The prime lending rate of Egypt's commercial banks is 11.8. In Egypt, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Egypt. Locally, the central bank of Egypt is called البنك المركزي المصري. The average deposit interest rate offered by local banks in Egypt is 6.9%.
Egypt has a government debt of 45% of the country's Gross Domestic Product (GDP), as assessed in 2014.
The corporate tax in Egypt is set at 25%. Personal income tax ranges from 10% to 20%, depending on your specific situation and income level. VAT in Egypt is 10%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Egypt is $946591 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Egypt was last recorded at $10 million. PPP in Egypt is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Egypt is 255,199 billion. Based on this statistic, Egypt is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Egypt. The Gross Domestic Product (GDP) per capita in Egypt was last recorded at $3 million. The average citizen in Egypt has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Egypt averaged 2.2% in 2014. According to this percentage, Egypt is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Egypt.
Major industries in the country are textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures. The total labor force of Egypt is 31,149,230 people, wherein 12.1% of population in the country are unemployed. The total number of unemployed people in Egypt is 12,024,465. The Industrial Production growth rate of Egypt is 5.5%.To read more about industrial information within Egypt click on industry of Egypt.
There are 29067 km2 of arable land in Egypt, and it comprises 3% of the country's total territory. There are 34044 km2 of cultivated land in Egypt. The country's major agricultural crops and products are cotton, rice, corn, wheat, beans, fruits, vegetables, cattle, water buffalo, sheep, goats.To read more about agriculture click on agriculture of Egypt.