Egypt Economic Outlook
July 30, 2019Annual economic growth accelerated in Q4 FY 2019, which ran from April to June. Although a detailed GDP breakdown is not yet available, the acceleration appears to have been supported by strong fixed investment, thanks to the government’s ongoing infrastructure drive, and healthy private consumption, buttressed by a recent drop in the unemployment rate. Moreover, the Africa Cup of Nations, which ran in June–July, should have boosted exports of services. Meanwhile, at the start of July, the government cut energy subsidies as part of agreed-to reforms under its three-year financial support program with the IMF. The government was granted on 24 July the final disbursement of USD 2 billion from the total USD 12 billion available under the IMF program. With the program now complete, the IMF urged the government to continue building a market-based economy in the future.
Egypt Economic GrowthThe economy should broadly maintain its momentum in FY 2020, which started in July, as it reaps the rewards of the government’s market-friendly reforms, and is supported by strong government investment spending and a tighter labor market. However, still-fragile government finances, an uncertain global trading environment and recurring security problems weigh on the outlook. FocusEconomics panelists expect GDP to expand 5.5% in FY 2020, which is unchanged from last month’s forecast, and 5.4% in FY 2021.
Egypt Economy Data
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|Bond Yield||15.73||0.0 %||Jul 31|
|Exchange Rate||16.55||0.0 %||Jul 31|
|Stock Market||1,268||0.53 %||Jul 31|
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Egypt Economic News
July 11, 2019
The Central Bank of Egypt (CBE) left all interest rates unchanged at its monetary policy meeting on 11 July, as had been expected by most market analysts.
July 11, 2019
The economy expanded 5.7% year-on-year in the fourth quarter of FY 2019, which ran from April to June.
July 10, 2019
Consumer prices fell 0.8% in June compared to the previous month, contrasting the 1.1% rise in May.
July 3, 2019
The Emirates NBD Egypt Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, rose to 49.2 in June from 48.2 in May.
June 10, 2019
The Emirates NBD Egypt Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, fell to 48.2 in May from 50.8 in April.