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Egypt ECONOMY
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
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