What is The Economics Condition of Egypt?
Production of Goods in Egypt The economy of Egypt has been long since focused on agriculture, primarily cotton production. Beginning in the 1950s, Egypt has developed petroleum, construction sectors, and service industries. Everyday products found in the U.S.
that are commonly imported from Egypt include cosmetics, herbs, medical remedies, pharmaceutical products, and many types of clothing. Egypt imports so many goods that they have accumulated a trade deficit. This combined with the increasing need for financial aid from other countries has placed Egypt in considerable foreign debt.
In 2011, the Gross Domestic Product (GDP) in Egypt was worth 229.53 billion US dollars. Egypt’s GDP represents 0.37 percent of the global economy