Heat the oven to 375°F. Beat the egg and water in a small bowl with a fork. Stir the granulated sugar, flour and cinnamon in a medium bowl. Add the apples and raisins and toss to coat.
Sprinkle additional flour on the work surface. Unfold the pastry sheet on the work surface. Roll the pastry sheet into a 16 x 12-inch rectangle. With the short side facing you, spoon the apple mixture onto the bottom half of the pastry sheet to within 1 inch of the edge. Roll up like a jelly roll. Place seam-side down onto a baking sheet. Tuck the ends under to seal. Brush the pastry with the egg mixture. Cut several slits in the top of the pastry.
Bake for 35 minutes or until the pastry is golden brown. Let the pastry cool on the baking sheet on a wire rack for 20 minutes. Sprinkle with the confectioners' sugar, if desired.