Egypt Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! == Economy == {{Main|Economy of Egypt}} [[File:GDP per capita development of Egypt.svg|thumb|Change in per capita GDP of Egypt, 1820–2018. Figures are inflation-adjusted to 2011 International dollars.]] Egypt's economy depends mainly on agriculture, media, petroleum exports, natural gas, and tourism. There are also more than three million Egyptians working abroad, mainly in [[Libya]], [[Saudi Arabia]], the [[Persian Gulf]] and Europe. The completion of the [[Aswan High Dam]] in 1970 and the resultant [[Lake Nasser]] have altered the time-honoured place of the [[Nile|Nile River]] in the agriculture and ecology of Egypt. A rapidly growing population, limited [[arable land]], and dependence on the Nile all continue to overtax resources and stress the economy. In 2022, the Egyptian economy entered an ongoing crisis, the Egyptian pound was one of the worst performing currencies,<ref>{{Cite web |last=Shan |first=Lee Ying |date=2023-04-05 |title=Egypt's pound is among the worst performing currencies in 2023. And it's expected to plummet further |url=https://www.cnbc.com/2023/04/05/the-egyptian-pound-is-amongst-the-worst-performing-currencies-in-2023.html |access-date=2023-04-11 |website=CNBC |language=en}}</ref> inflation. reached 32.6% and [[core inflation]] reached nearly 40% in March.<ref>{{Cite web |date=2023-04-11 |title=Egypt's annual core inflation records 39.5% in March 2023: CBE - Dailynewsegypt |url=https://www.dailynewsegypt.com/2023/04/11/egypts-annual-core-inflation-records-39-5-in-march-2023-cbe/ |access-date=2023-04-11 |language=en-US}}</ref> The government has invested in communications and physical infrastructure. Egypt has received [[United States foreign aid]] since 1979 (an average of $2.2 billion per year) and is the third-largest recipient of such funds from the United States following the Iraq war. Egypt's economy mainly relies on these sources of income: tourism, remittances from Egyptians working abroad and revenues from the Suez Canal.<ref>[http://www.undp.org.eg/Default.aspx?tabid=75 Egypt Country Profile] {{webarchive |url=https://web.archive.org/web/20130601071446/http://www.undp.org.eg/Default.aspx?tabid=75 |date=1 June 2013}}. Undp.org.eg (11 February 2011). Retrieved 29 July 2013.</ref> In recent years, the [[Economy of the Egyptian Armed Forces|Egyptian army has expanded its economic influence]], dominating sectors such as petrol stations, fish-farming, car manufacturing, media, infrastructure including roads and bridges, and cement production. This hold on various industries has resulted in a suppression of competition, deterring private investment, and leading to adverse effects for ordinary Egyptians, including slower growth, higher prices, and limited opportunities.<ref>{{Cite news |date=2023-01-26 |title=To save Egypt's economy, get the army out of it |url=https://www.economist.com/leaders/2023/01/26/to-save-egypts-economy-get-the-army-out-of-it |access-date=2024-02-01 |newspaper=The Economist |issn=0013-0613}}</ref> The military-owned [[National Service Products Organization]] (NSPO) continues its expansion by establishing new factories dedicated to producing fertilisers, irrigation equipment, and veterinary vaccines. Businesses operated by the military, such as Wataniya and Safi, which manage patrol stations and bottled water, respectively, remain under government ownership.<ref>{{Cite news |date=2023-04-13 |title=Egypt's army seems to want to make pasta as well as war |url=https://www.economist.com/middle-east-and-africa/2023/04/13/egypts-army-seems-to-want-to-make-pasta-as-well-as-war |access-date=2024-02-01 |newspaper=The Economist |issn=0013-0613}}</ref> Economic conditions have started to improve considerably, after a period of stagnation, due to the adoption of more liberal economic policies by the government as well as increased revenues from tourism and a booming [[stock market]]. In its annual report, the [[International Monetary Fund]] (IMF) has rated Egypt as one of the top countries in the world undertaking economic reforms.<ref name=IMF>{{cite web|last=Enders|first=Klaus|title=Egypt: Reforms Trigger Economic Growth|url=http://www.imf.org/external/pubs/ft/survey/so/2008/car021308a.htm|work=International Monetary Fund|access-date=2 February 2011|quote=In its most recent review of Egypt's economy, the IMF has said the expansion has broadened from energy, construction, and telecommunications to labor-intensive sectors such as agriculture and manufacturing.|archive-url=https://web.archive.org/web/20110204192917/http://www.imf.org/external/pubs/ft/survey/so/2008/CAR021308A.htm|archive-date=4 February 2011|url-status=live}}</ref> Some major economic reforms undertaken by the government since 2003 include a dramatic slashing of customs and tariffs. A new [[Tax law|taxation law]] implemented in 2005 decreased corporate taxes from 40% to the current 20%, resulting in a stated 100% increase in [[tax revenue]] by 2006. [[File:Smartvillagelandscape.JPG|thumb|left|[[Smart Village, Egypt|Smart Village]], a business district established in 2001 to facilitate the growth of high-tech businesses]] Although one of the main obstacles still facing the Egyptian economy is the limited trickle down of wealth to the average population, many Egyptians criticise their government for higher prices of basic goods while their [[Standard of living|standards of living]] or purchasing power remains relatively stagnant. Corruption is often cited by Egyptians as the main impediment to further economic growth.<ref>{{cite web |url=http://www.irinnews.org/report.aspx?reportid=27105 |title=IRIN Middle East | Egypt: Corruption hampering development, says opposition report | Breaking News |date=5 July 2006 |publisher=Irinnews.org |access-date=25 August 2010 |archive-url=https://web.archive.org/web/20110514145003/http://www.irinnews.org/report.aspx?reportid=27105 |archive-date=14 May 2011 |url-status=live }}</ref><ref>{{cite web|author=Rania Al Malky |url=http://www.egypttoday.com/article.aspx?ArticleID=2978 |title=et — Full Story |publisher=Egypttoday.com |access-date=25 August 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090208233152/http://www.egypttoday.com/article.aspx?ArticleID=2978 |archive-date=8 February 2009}}</ref> The government promised major reconstruction of the country's infrastructure, using money paid for the newly acquired third mobile license ($3 billion) by [[Emirates Telecommunications Corporation|Etisalat]] in 2006.<ref>{{cite web|url=http://www.businesstodayegypt.com/article.aspx?ArticleID=6902 |archive-url=https://web.archive.org/web/20060820192346/http://www.businesstodayegypt.com/article.aspx?ArticleID=6902 |url-status=dead |archive-date=20 August 2006 |title=Etisalat Wins Third License |author=Fatima El Saadani |date=August 2006 |publisher=Business Today |access-date=21 August 2008 }}</ref> In the [[Corruption Perceptions Index]] 2013, Egypt was ranked 114 out of 177.<ref>{{cite web |url=http://www.dailynewsegypt.com/2013/12/03/egypt-ranks-114th-on-corruption-scale/#dnePhoto/0/ |title=Egypt ranks 114th on corruption scale |date=3 December 2013 |access-date=8 December 2013 |archive-url=https://web.archive.org/web/20131207155652/http://www.dailynewsegypt.com/2013/12/03/egypt-ranks-114th-on-corruption-scale/#dnePhoto/0/ |archive-date=7 December 2013 |url-status=live }}</ref> [[File:USS America (CV-66) in the Suez canal 1981.jpg|thumb|The [[Suez Canal]]]] An estimated 2.7 million Egyptians abroad contribute actively to the development of their country through [[remittances]] (US$7.8 billion in 2009), as well as circulation of human and social capital and investment.<ref name="IOMEgypt" /> Remittances, money earned by Egyptians living abroad and sent home, reached a record US$21 billion in 2012, according to the World Bank.<ref>{{cite news|url=http://gulfnews.com/business/economy/global-remittance-flow-grows-10-77-to-514-billion-in-2012-world-bank-1.1172693|title=Global remittance flow grows 10.77% to $514 billion in 2012: World Bank|author=Saifur Rahman|date=April 2013|newspaper=Gulf News|access-date=18 June 2013|archive-url=https://web.archive.org/web/20130423033021/http://gulfnews.com/business/economy/global-remittance-flow-grows-10-77-to-514-billion-in-2012-world-bank-1.1172693|archive-date=23 April 2013|url-status=live}}</ref> Egyptian society is moderately unequal in terms of income distribution, with an estimated 35–40% of Egypt's population earning less than the equivalent of $2 a day, while only around 2–3% may be considered wealthy.<ref>{{cite web |url=https://foreignpolicy.com/articles/2011/02/08/egypt_over_the_brink?page=0,1 |title=Egypt Over the Brink, interview with Tarek Osman |author1=Lauren E. Bohn |author2=Sarah Lynch |publisher=Foreignpolicy.com |date=8 February 2011 |access-date=8 February 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130522032651/http://www.foreignpolicy.com/articles/2011/02/08/egypt_over_the_brink?page=0,1 |archive-date=22 May 2013 }}</ref> === Tourism === {{Main|Tourism in Egypt}} [[File:Camel and the pyramids.jpg|thumb|Tourists riding an [[Arabian camel]] in front of [[Pyramid of Khafre]]. The [[Giza Necropolis]] is one of Egypt's main tourist attractions.]] Tourism is one of the most important sectors in Egypt's economy. More than 12.8 million tourists visited Egypt in 2008, providing revenues of nearly $11 billion. The tourism sector employs about 12% of Egypt's workforce.<ref>{{cite news |last=Dziadosz |first=Alexander |url=https://af.reuters.com/article/investingNews/idAFJOE59J0PG20091020 |title=Egypt tourism numbers to fall less than feared |publisher=[[Reuters]] Africa |date=20 October 2009 |access-date=8 February 2013 |archive-url=https://web.archive.org/web/20120610030616/http://af.reuters.com/article/investingNews/idAFJOE59J0PG20091020 |archive-date=10 June 2012 |url-status=dead }}</ref> Tourism Minister Hisham Zaazou told industry professionals and reporters that tourism generated some $9.4 billion in 2012, a slight increase over the $9 billion seen in 2011.<ref>{{cite web |last=Farouk |first=Dalia |url=http://english.ahram.org.eg/NewsContent/3/12/61366/Business/Economy/Egypt-tourism-shows-little-recovery-in-.aspx |title=Egypt tourism shows little recovery in 2012 |publisher=Ahram Online |date=27 December 2012 |access-date=18 June 2013 |archive-url=https://web.archive.org/web/20130713122537/http://english.ahram.org.eg/NewsContent/3/12/61366/Business/Economy/Egypt-tourism-shows-little-recovery-in-.aspx |archive-date=13 July 2013 |url-status=live }}</ref> The [[Giza Necropolis]] is one of Egypt's best-known tourist attractions; it is the only one of the [[Seven Wonders of the Ancient World]] still in existence. Egypt's beaches on the Mediterranean and the Red Sea, which extend to over {{convert|3,000|km|abbr=off}}, are also popular tourist destinations; the [[Gulf of Aqaba]] beaches, [[Safaga]], [[Sharm el-Sheikh]], [[Hurghada]], [[Luxor]], [[Dahab]], [[Ras Sidr]] and [[Marsa Alam]] are popular sites. === Energy === {{Main|Energy in Egypt}} [[File:Darfeel plat.png|thumb|An offshore platform in the Darfeel Gas Field]] Egypt has a developed energy market based on coal, oil, [[natural gas]], and [[Hydropower|hydro power]]. Substantial coal deposits in the northeast Sinai are mined at the rate of about {{convert|600000|t|-4}} per year. Oil and gas are produced in the western desert regions, the [[Gulf of Suez]], and the Nile Delta. Egypt has huge reserves of gas, estimated at {{convert|2180|km3|-1}},<ref name="eia">{{cite web|title=Egypt|url=http://www.eia.gov/countries/country-data.cfm?fips=EG|website=U.S. Energy Information Administration|access-date=24 February 2015|date=14 August 2014|archive-url=https://web.archive.org/web/20150218034336/http://www.eia.gov/countries/country-data.cfm?fips=EG|archive-date=18 February 2015|url-status=live}}</ref> and [[Liquefied natural gas|LNG]] up to 2012 exported to many countries. In 2013, the Egyptian General Petroleum Co (EGPC) said the country will cut exports of natural gas and tell major industries to slow output this summer to avoid an energy crisis and stave off political unrest, Reuters has reported. Egypt is counting on top liquid natural gas (LNG) exporter Qatar to obtain additional gas volumes in summer, while encouraging factories to plan their annual maintenance for those months of peak demand, said EGPC chairman, Tarek El Barkatawy. Egypt produces its own energy, but has been a net oil importer since 2008 and is rapidly becoming a net importer of natural gas.<ref>{{cite web|url=http://www.ameinfo.com/egypt-reduce-natural-gas-exports-avoid-343607 |title=Egypt to reduce natural gas exports to avoid energy crisis |publisher=AMEinfo.com |access-date=6 July 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130803013304/http://www.ameinfo.com/egypt-reduce-natural-gas-exports-avoid-343607 |archive-date= 3 August 2013 }}</ref> Egypt produced 691,000 [[bbl/d]] of oil and 2,141.05 Tcf of natural gas in 2013, making the country the largest non-[[OPEC]] producer of oil and the second-largest dry natural gas producer in Africa. In 2013, Egypt was the largest consumer of oil and natural gas in Africa, as more than 20% of total oil consumption and more than 40% of total dry natural gas consumption in Africa. Also, Egypt possesses the largest oil refinery capacity in Africa 726,000 bbl/d (in 2012).<ref name="eia" /> Egypt is currently building its first [[El Dabaa Nuclear Power Plant|nuclear power plant in El Dabaa]], in the northern part of the country, with $25 billion in Russian financing.<ref>{{cite web|title=Russia to lend Egypt $25 billion to build nuclear power plant|work=Reuters|url=https://www.reuters.com/article/us-egypt-russia-nuclear-idUSKCN0YA1G5|date=19 May 2016|access-date=1 July 2017|archive-url=https://web.archive.org/web/20170516193807/http://www.reuters.com/article/us-egypt-russia-nuclear-idUSKCN0YA1G5|archive-date=16 May 2017|url-status=live}}</ref> === Transport === {{Main|Transport in Egypt}} Transport in Egypt is centred around Cairo and largely follows the pattern of settlement along the Nile. The main line of the nation's {{convert|40800|km|mi|adj=on}} railway network runs from Alexandria to Aswan and is operated by [[Egyptian National Railways]]. The vehicle road network has expanded rapidly to over {{convert|21000|mi|km|order=flip|abbr=on}}, consisting of 28 line, 796 stations, 1800 train covering the Nile Valley and Nile Delta, the Mediterranean and Red Sea coasts, the Sinai, and the Western oases. [[File:Metro-1-l.jpg|thumb|right|The Cairo Metro (line 2)]] The [[Cairo Metro]] consists of three operational lines with a fourth line expected in the future. [[EgyptAir]], which is now the country's [[flag carrier]] and largest airline, was founded in 1932 by Egyptian industrialist [[Talaat Harb]], today owned by the Egyptian government. The airline is based at [[Cairo International Airport]], its main hub, operating scheduled passenger and freight services to more than 75 destinations in the [[Middle East]], [[Europe]], [[Africa]], [[Asia]], and [[the Americas]]. The Current [[EgyptAir]] fleet includes 80 aeroplanes. ==== Suez Canal ==== {{Main|Suez Canal}} [[File:Capesize bulk carrier at Suez Canal Bridge.JPG|thumb|The [[Suez Canal Bridge]]]] The Suez Canal is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea and the Red Sea. Opened in November 1869 after 10 years of construction work, it allows ship transport between [[Europe]] and [[Asia]] without navigation around [[Africa]]. The northern terminus is Port Said and the southern terminus is Port Tawfiq at the city of Suez. Ismailia lies on its west bank, {{convert|3|km|mi|frac=8|abbr=off}} from the half-way point. The canal is {{convert|193.30|km|mi|frac=8|abbr=on}} long, {{convert|24|m|ft|abbr=off}} deep and {{convert|205|m|ft|abbr=on}} wide {{As of|2010|lc=y}}. It consists of the northern access channel of {{convert|22|km|mi|0|abbr=on}}, the canal itself of {{convert|162.25|km|mi|frac=8|abbr=on}} and the southern access channel of {{convert|9|km|mi|frac=2|abbr=on}}. The canal is a single lane with passing places in the Ballah By-Pass and the Great Bitter Lake. It contains no locks; seawater flows freely through the canal. On 26 August 2014 a proposal was made for opening a [[New Suez Canal]]. Work on the New Suez Canal was completed in July 2015.<ref>{{cite web|title=Egypt Says Work Finished on New Suez Canal|url=http://www.voanews.com/content/egypt-says-work-is-finished-on-new-suez-canal/2883548.html|publisher=Voice of America|date=29 July 2015|access-date=24 August 2015|archive-url=https://web.archive.org/web/20150803133542/http://www.voanews.com/content/egypt-says-work-is-finished-on-new-suez-canal/2883548.html|archive-date=3 August 2015|url-status=dead}}</ref><ref>{{cite web|title=Egypt's New Suez Canal to Be Completed for Aug. 6 Ceremony|url=https://www.nytimes.com/aponline/2015/06/13/world/middleeast/ap-ml-egypt-suez-canal.html|work=The New York Times|access-date=1 August 2015|date=30 June 2015|archive-url=https://web.archive.org/web/20150616163211/http://www.nytimes.com/aponline/2015/06/13/world/middleeast/ap-ml-egypt-suez-canal.html|archive-date=16 June 2015|url-status=live}}</ref> The channel was officially inaugurated with a ceremony attended by foreign leaders and featuring military flyovers on 6 August 2015, in accordance with the budgets laid out for the project.<ref>{{cite news|url=https://www.bbc.com/news/world-middle-east-33800076|title=Egypt launches Suez Canal expansion|date=6 August 2015|access-date=6 August 2015|agency=BBC News|archive-url=https://web.archive.org/web/20150806152649/http://www.bbc.com/news/world-middle-east-33800076|archive-date=6 August 2015|url-status=live}}</ref><ref>{{cite news|url=http://news.sky.com/story/1531052/egypt-opens-new-6bn-suez-canal|title=Egypt Opens New £6bn Suez Canal|first=Sherine|last=Tadros|agency=Sky News|date=6 August 2015|access-date=6 August 2015|archive-url=https://web.archive.org/web/20150806194926/http://news.sky.com/story/1531052/egypt-opens-new-6bn-suez-canal|archive-date=6 August 2015|url-status=live}}</ref> === Water supply and sanitation === {{Main|Water supply and sanitation in Egypt}} [[File:Egypt sat.png|thumb|Green irrigated land along the Nile amidst the desert and in the delta]] The piped [[water supply]] in Egypt increased between 1990 and 2010 from 89% to 100% in urban areas and from 39% to 93% in rural areas despite rapid population growth. Over that period, Egypt achieved the elimination of [[open defecation]] in rural areas and invested in infrastructure. Access to an [[improved water source]] in Egypt is now practically universal with a rate of 99%. About one half of the population is connected to [[sanitary sewer]]s.<ref>As per the 2006 census</ref> Partly because of low sanitation coverage about 17,000 children die each year because of [[diarrhoea]].<ref name="IDRC">National Water Research Center, Ministry of Water Resources and Irrigation (2007): [https://web.archive.org/web/20160118112500/http://web.idrc.ca/en/ev-127200-201-1-DO_TOPIC.html Actualizing the Right to Water: An Egyptian Perspective for an Action Plan], Shaden Abdel-Gawad. Retrieved 30 April 2012.</ref> Another challenge is low cost recovery due to water tariffs that are among the lowest in the world. This in turn requires government subsidies even for operating costs, a situation that has been aggravated by salary increases without tariff increases after the [[Arab Spring]]. Poor operation of facilities, such as water and wastewater treatment plants, as well as limited government accountability and transparency, are also issues. Due to the absence of appreciable rainfall, Egypt's agriculture depends entirely on irrigation. The main source of irrigation water is the river Nile of which the flow is controlled by the high dam at Aswan. It releases, on average, 55 cubic kilometres (45,000,000 acre·ft) water per year, of which some 46 cubic kilometres (37,000,000 acre·ft) are diverted into the irrigation canals.<ref name="ewup">Egyptian Water Use Management Project (EWUP), 1984. Improving Egypt's Irrigation System in the Old Lands, Final Report. Colorado State University and Ministry of Public Works and Water Resources.</ref> In the Nile valley and delta, almost 33,600 square kilometres (13,000 sq mi) of land benefit from these irrigation waters producing on average 1.8 crops per year.<ref name="ewup" /> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page