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Economy
Home » Egypt » Egypt - Overview and History » EconomyThere is a variety of products that help keep the economy stable in Egypt but the biggest producer which covers 50% of the earnings is oil. It was reported in the mid 1990’s that more than 900,000 barrels per day were being produced for worldwide locations.
Following this is the second most important export and that is cotton. There are other similar trades that are known to provide a certain amount of earnings for the area and these range from steel, cement, shoes, furniture and metal products.
The growing tourist market also plays a big part in this and in Cairo along there are more than 13,000 hotel rooms which amounts to about 20% of the total holiday accommodation in the country. Despite the success that Egypt has achieved, the country continually needs foreign aid to help create jobs and keep the unemployment figures to a minimum.
In total 51% of the total funds received is made from various services, 32% from industry and just 17% in agriculture. In addition to this, in the Red Sea, fishing has become an important factor to the country and with an annual catch of around 300,000 metric tons due to the extreme demand in Egypt and other countries requiring fresh fish.
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