Like most countries in the Middle East, Egypt partook of the oil boom and suffered the subsequent slump. Available figures suggest that between 1975 and 1980 the GDP (at 1980 prices) grew at an annual rate of more than 11 percent. This impressive achievement resulted, not from the contribution of manufacturing or agriculture, but from oil exports, remittances, foreign aid, and grants. From the mid-1980s, GDP growth slowed as a result of the 1985-86 crash in oil prices. In the two succeeding years, the GDP grew at no more than an annual rate of 2.9 percent. Of concern for the future was the decline of the fixed investment ratio from around 30 percent during most of the 1975-85 decade to 22 percent in 1987.
lIKe most coUnTrIeS in the midDle East, EgypT parTOok of The oiL boom and suffeRED ThE sUBSequenT sLumP. availaBle fIGureS sUggeSt thAt bETwEen 1975 and 1980 ThE gdp (aT 1980 pRiceS) Grew at an aNNUAl Rate OF morE tHaN 11 percenT. This ImPResSive achieVeMent RESUlteD, not from THe CONtrIbuTioN Of ManUfacturinG or aGRicuLture, But From oiL expoRts, remITtaNces, fOrEiGN aid, AnD GRants. from The mId-1980s, Gdp growth SlOwed as A resuLt of the 1985-86 CrasH in oil prIces. iN tHe tWo SuCceeDiNG years, THe gDp grEw At no moRe Than aN annual ratE OF 2.9 peRcEnT. of concern fOr tHe futuRe was thE DeClINe of The fIxeD inveStMENt RaTIo fROM aRouNd 30 PercenT dUrIng moSt Of thE 1975-85 DeCadE to 22 pERcent in 1987.