nd slower than envisaged under the IMF programs,
substantial progress has been made in improving macroeconomic
performance - budget deficits have been slashed while foreign reserves
in 1996 were at an all-time high - and in moving toward a more
decentralized, market-oriented economy. Egypt was able to capitalize
on its progress during the third Middle East/North Africa economic
conference which it hosted in November 1996. Egypt's President MUBARAK
told reporters that Egypt had concluded deals worth $10 billion in
investment during the conference, 20 times the country's estimated
total direct foreign investment for the 1995/96 fiscal year. According
to press reports, Egypt and foreign investors agreed on nine
megaprojects, including the export of liquefied natural gas from Egypt
to Turkey, estimated at $2 billion to $4 billion. Egypt has a
broad-based inventory of geographic, human, and physical assets which
in a liberalized market environment could spur rapid, sustainable
growth into the next century. But rapid population growth continues to
cast a shadow over economic prospects.

GDP: purchasing power parity - $183.9 billion (1996 est.)

GDP - real growth rate: 4.9% (1996 est.)

GDP - per capita: purchasing power parity - $2,900 (1996 est.)

GDP - composition by sector:
agriculture: 16%
industry : 34%
services: 50% (1995 est.)

Inflation rate - consumer price index: 7.3% (1996)

Labor force:
total: 17.4 million (1996 est.)
by occupation: agriculture 40%, services, including government 38%,
industry 22% (1990 est.)

Unemployment rate: 9.4% (FY95/96 official estimate)

Budget:
revenues: $17.4 billion
expenditures: $18.8 billion, including capital expenditures of $3.5
billion (FY95/96)

Industries: textiles, food processing, tourism, chemicals, petroleum,
construction, cement, metals

Industrial production growth rate: NA%

Electricity - capacity: 13.04 million kW (1994)

Electricity - production: 47.89 billion kWh (1994)

Electricity - consumption per capita: 723 kWh (1995 est.)

Agriculture - products: cotton, rice, corn, wheat, beans, fruits,
vegetables; cattle, water buffalo, sheep, goats; annual fish catch
about 140,000 metric tons

Exports:
total value : $4.6 billion (f.o.b., FY95/96 est.)
commodities: crude oil and petroleum products, cotton yarn, raw
cotton, textiles, metal products, chemicals
partners: EU, US, Japan

Imports:
total value: $13.8 billion (c.i.f., FY95/96 est.)
commoditi