Egypt Table of Contents
Gross Domestic Product (GDP): US$45.08 billion, or US$867 per capita in 1988. Economy experienced sluggish growth after mid-1980s.
Agriculture: Single largest source of employment; contributed 15 percent of GDP in 1987. Major crops by area planted (in descending order): clover for livestock feed, corn, wheat, vegetables, rice, cotton, and fruit. Heavily dependent on food imports. Some reforms in pricing implemented in 1980s.
Industry: Contributed 34 percent of GDP in 1987. Share of manufacturing in GDP 12 percent; sector stagnated in 1980s. Manufacturing produced mainly consumer goods but also some basic industries such as iron and steel, aluminum, and cement. Manufacturing dominated by public sector; consensus that sector needed reform. Oil share of GDP fell considerably with crash of oil prices in late 1985. Oil production averaged 42.7 tons per year between 1984 and 1988. Gas acquiring added importance in 1980s.
Exports: US$4.8 billion in 1988, of which oil was US$3.1 billion. Textiles US$458 million and other manufacturing US$810 million. Cotton (major export before late 1970s) US$310 million. Exports stagnated in 1980s.
Imports: US$10.6 billion, of which intermediate goods US$3.7 billion, capital goods US$3 billion, consumer goods US$2 billion, and food and agriculture US$1.7 billion. Trade deficit increased rapidly in first half of 1980s and stabilized in second half.
Debt: Civilian US$35 billion in 1988 (forecast); military US$10.8 billion. Negotiations with International Monetary Fund continuing in early 1990 on debt rescheduling and economic restructuring.
Currency: Egyptian pound (ŁE) consists of 100 piasters. In early 1990, worth between US$1.00 and US$1.50 depending on applicable exchange rate.
Fiscal Year: Since July 1, 1980, July 1 through June 30.
Data as of December 1990