Economy is a very important thing in our world. It can bring power, war, or peace to an area. It has united many nations and crumbled nations. Egypt and Libya’s economies are two that have had there ups and downs but have still been able to stay on track. The basic economy is based on minerals, agriculture, and industry.
In Egypt, many plentiful minerals are used and sold. Some are petroleum, iron ore, natural gas, and phosphates. One third of the people work in the agriculture department, but only two percent of the land is used for it, because of the lack of fertile soil. Egypt is big in the oil industry, but also has a smaller fishing industry. It is also strong in the manufacturing and trade.
In Libya, there are also many useful minerals to the country such as petroleum and natural gas. Like Egypt, Libya has a fishing industry and a little commercial farming. Libya’s main income though is petroleum and the oil department. Libya has little agriculture and more substantial farming than commercial.
Egypt and Libya’s economy both have many similarities and differences when it omes to economy. Both countries have many minerals and industries that bring in income. They both have little agriculture and for the most part and for the most part have a pretty good economy.