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The regularity and richness of the annual Nile River flood, coupled with semi-isolation provided by deserts to the east and west, allowed for the development of one of the world's great civilizations. A unified kingdom arose circa 3200 B.C., and a series of dynasties ruled in Egypt for the next three millennia. The last native dynasty fell to the Persians in 341 B.C., who in turn were replaced by the Greeks, Romans, and Byzantines. It was the Arabs who introduced Islam and the Arabic language in the 7th century and who ruled for the next six centuries. A local military caste, the Mamluks took control about 1250 and continued to govern after the conquest of Egypt by the Ottoman Turks in 1517. Completion of the Suez Canal in 1869 elevated Egypt as an important world transportation hub. Ostensibly to protect its investments, Britain seized control of Egypt's government in 1882, but nominal allegiance to the Ottoman Empire continued until 1914. Partially independent from the UK in 1922, Egypt acquired full sovereignty from Britain in 1952. The completion of the Aswan High Dam in 1971 and the resultant Lake Nasser have altered the time-honored place of the Nile River in the agriculture and ecology of Egypt. A rapidly growing population (the largest in the Arab world), limited arable land, and dependence on the Nile all continue to overtax resources and stress society. The government has struggled to meet the demands of Egypt's population through economic reform and massive investment in communications and physical infrastructure.

Location

Northern Africa, bordering the Mediterranean Sea, between Libya and the Gaza Strip, and the Red Sea north of Sudan, and includes the Asian Sinai Peninsula

Natural Resources

petroleum, natural gas, iron ore, phosphates, manganese, limestone, gypsum, talc, asbestos, lead, rare earth elements, zinc

Population - distribution

approximately 95% of the population lives within 20 km of the Nile River and its delta; vast areas of the country remain sparsely populated or uninhabited

80471869
Arabic (official), English and French widely understood by educated classes
CAIRO (capital) 18.772 million; Alexandria 4.778 million (2015)
Conventional long form
Arab Republic of Egypt
Conventional short form
Egypt
Local long form
Jumhuriyat Misr al-Arabiyah
Local short form
Misr
presidential republic
Name
Cairo
Geographic coordinates
30 03 N, 31 15 E
Time difference
UTC+2 (7 hours ahead of Washington, DC, during Standard Time)
accepts compulsory ICJ jurisdiction with reservations; non-party state to the ICCt
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK.
Inflation
13.815%
External debt stocks
US$ 46,584,669,000
Total tax rate (% of commercial profits)
43.5%
Real Interest Rate
6.915%
Manufacturing, value added (% of GDP)
17.069%
Current Account Balance
US$ -16,786,500,000
Labor Force, Total
31,569,880
Employment in Agriculture
25.84%
Employment in Industry
25.09%
Employment in Services
49.07%
Unemployment Rate
12.01%
Imports of goods and services
US$ 65,923,286,106
Exports of goods and services
US$ 34,818,024,909
Total Merchandise Trade
24.16%
FDI, net inflows
US$ 6,884,800,000
Commercial Service Exports
US$ 18,092,400,000
cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats
textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
Commodities
crude oil and petroleum products, fruits and vegetables, cotton, textiles, metal products, chemicals, processed food
Partners
Saudi Arabia 9.1%, Italy 7.5%, Turkey 5.8%, UAE 5.1%, US 5.1%, UK 4.4%, India 4.1% (2015)
Commodities
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Partners
China 13%, Germany 7.7%, US 5.9%, Turkey 4.5%, Russia 4.4%, Italy 4.4%, Saudi Arabia 4.1% (2015)
Country Risk Rating
C
A very uncertain political and economic outlook and a business environment with many troublesome weaknesses can have a significant impact on corporate payment behavior. Corporate default probability is high.
Business Climate Rating
C
The business environment is difficult. Corporate financial information is often unavailable and when available often unreliable. Debt collection is unpredictable. The institutional framework has many troublesome weaknesses. Intercompany transactions run major risks in the difficult environments rated C.
  • Tourism potential
  • Manageable external debt
  • Political and financial support from the Gulf monarchies and western countries
  • Poverty (40% of the population) and high unemployment
  • Twin deficits
  • Low level of foreign exchange reserves
  • Banking system subject to sovereign risk

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