Economic Indicators of Egypt's economy ahead of conference

AP News
Posted: Mar 13, 2015 9:05 AM
Economic Indicators of Egypt's economy ahead of conference

CAIRO (AP) — Egypt is making its most ambitious push to lure foreign and private investors, hoping to propel growth and provide employment after four years of turmoil that have brutalized the economy since the 2011 uprising that ousted autocrat Hosni Mubarak. President Abdel-Fattah el-Sissi, the former head of the military, has made economic improvement his top priority, promising to wean Egypt off generous aid from Gulf allies.

Here is a look at a number of economic indicators over the last few years.

ECONOMIC GROWTH — Pre-uprising: A high of 7.2 percent in 2007/2008. Post-uprising: 1.8 percent in 2010/2011. After foreign aid injection, 2.2 percent in 2013/2014. Forecast for this fiscal year: 3.8 percent.

BUDGET DEFICIT — Pre-uprising: Around 8 percent of GDP. Post-uprising: 13.7 percent in 2013, one of highest in the world. It hovered around 12 percent last year.

NET FOREIGN RESERVES — Pre-uprising: A high of $36 billion. Post-uprising: $15.4 billion in February this year.

GROSS NATIONAL DEBT — 2009/2010: 73 percent of GDP. 2013/2014: 90.5 percent.

UNEMPLOYMENT — 2010: 8.9 percent. Current quarter: Estimated 13.1 percent.

TOURISM REVENUES— Pre-uprising high of $12.5 billion in 2010. Post-uprising: $6 billion in 2013. First three quarters of 2014: $5.3 billion.

FOREIGN DIRECT INVESTMENT — Pre-uprising: Around $13 billion in 2007-2008. Post-uprising: $2.2 billion in 2010/2011. Last year: Nearly $4 billion, but only 1 percent of GDP.

SUEZ CANAL REVENUES — 2011: Around $5 billion. 2014: A record high of $5.5 billion.

FUNDS FROM GULF: Since the 2013 ouster of the Islamist president, Saudi Arabia, the Emirates, Kuwait and other Gulf countries gave Egypt around $20 billion, according to Egyptian officials.

POVERTY RATE — Pre-uprising: 21.6 percent of population below poverty line in 2008/2009. Post-uprising: 26.3 percent below poverty line in 2012/13, with another 20 percent close to it.