
Egypt Economic Outlook
June 7, 2022
Annual economic growth should be decelerating in H2 FY 2022 (January–June 2022), due to the fallout from the war in Ukraine. Goods exports growth slowed in January–February over the previous quarter, while tighter financial conditions will be dampening domestic demand. Meanwhile, pressure on the current account is increasing due to the country’s reliance on food and fuel imports. Further, soaring food prices are denting consumers’ purchasing power and could heighten social tensions. That said, support from Gulf neighbors and buoyant Suez Canal revenue should be providing support. On the heels of Fitch Rating’s affirmation of the country’s ‘B+’ rating, Moody’s followed suit, but downgraded the outlook to negative. It cited mounting downside risks, including a smaller shock absorption capacity amid dwindling reserves.Egypt Economic Growth
In FY 2023 (July 2022–June 2023) GDP growth will decelerate. Demand will ease amid tighter monetary policy, a weaker pound and soaring inflation. That said, support from the country’s Gulf allies and a seemingly imminent agreement with the IMF should provide some support. Potential food scarcity could stir domestic social tensions. FocusEconomics panelists project GDP to expand 4.7% in FY 2023, which is down 0.1 percentage points from last month’s forecast, and 4.6% in FY 2024.Egypt Economy Data
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Egypt Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 13.70 | 0.0 % | Dec 31 |
Exchange Rate | 16.04 | 0.0 % | Jan 01 |
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Egypt Economic News
-
Egypt: Inflation continues to rise in December; comes in at five-year high
January 10, 2023
Inflation accelerated to 21.3% in December, up from November’s 18.8%, moving further above the upper bound of the Central Bank’s 5.0–9.0% target band—where it has been for the past 10 months.
-
Egypt: PMI improves, but conditions continue to deteriorate sharply in December
January 4, 2023
The S&P Global Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, rose to 47.2 in December, up from November’s five-month low of 45.4.
-
Egypt: Central Bank turns more aggressive and delivers a 300 basis point hike in December
December 22, 2022
At its last scheduled meeting of 2022 on 22 December, the Central Bank of Egypt (CBE) delivered a whopping 300 basis point hike, surprising markets, which had expected a 200 basis point increase.
-
Egypt: Inflation comes in at near five-year high in November
December 10, 2022
Inflation increased to 18.8% in November from October’s 16.2%, moving further above the upper bound of the Central Bank’s 5.0–9.0% target band—where it has been for the past nine months.
-
Egypt: PMI falls to five-month low in November; conditions continue to deteriorate sharply
December 5, 2022
The S&P Global Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, plunged to a five-month low of 45.4 in November, down from October’s 47.7.