Arab Republic of Egypt Basic Facts Economy GDP

EGYPT AT A GLANCE

Official Name: Arab Republic of Egypt

Capital: Cairo (Current local time)

Government Type: Republic

Head of State: President Abdel Fattah el-Sisi

Population: 86.9 million

GDP Per Capita: $6,600

Currency: Egyptian pounds (EGP)

Website: Egypt.gov.eg

Egypt’s economic freedom score is 55.2, making its economy the 124th freest in the 2015 Index. Its overall score is 2.3 points higher than last year due to improvements in six of the 10 economic freedoms, including labor freedom, monetary freedom, and investment freedom, that outweigh declines in trade freedom and the control of government spending. Egypt is ranked 12th out of 15 countries in the Middle East/North Africa region, and its overall score is below the world average.

Over the past five years, Egypt’s economic freedom score has declined by nearly 4.0 points, pushed down by double-digit losses in property rights, investment freedom, and financial freedom. However, this decline has come to a halt in the 2015 Index.

Further action to restore and improve economic freedom is essential to counter economic stagnation and poverty. Long-established weaknesses in the institutional framework that include price controls and government subsidies of gasoline have greatly burdened the budget and forced the government to seek a bailout from both the IMF and other Arab states. The rule of law is ineffective and arbitrary, and judicial procedures are long and costly.

QUICK FACTS

• Population:
  • 84.2 million
• GDP (PPP):
  • $553.6 billion
  • 2.1% growth
  • 3.2% 5-year compound annual growth
  • $6,579 per capita
• Unemployment:
  • 12.7%
• Inflation (CPI):
  • 6.9%
• FDI Inflow:
  • $5.6 billion

http://www.heritage.org/index/country/egypt