Egypt Economic Outlook
January 11, 2022
The economy shifted into a higher gear in Q1 FY 2022 (July–September 2021), as conditions improved at a quicker annual pace, according to a preliminary estimate. Turning to FY Q2, growth should have moderated: The non-oil sector PMI remained in contractionary territory in October–December, and averaged lower than in Q1. That said, in October merchandise exports expanded at the quickest pace in 5 months, while goods import growth also accelerated from the prior month. Meanwhile, on 5 January, the government unveiled the draft budget for the 2023 fiscal year—starting in July 2022—which sees a rise in spending. The increased public investment will aim to enhance the efficiency of basic services, expand the social protection network and increase employment opportunities. The budget sees the fiscal deficit narrowing to 6.1% of GDP and the debt-to-GDP ratio falling below 90%.Egypt Economic Growth
GDP growth is set to pick up markedly this fiscal year—running until June 2022—following last year’s pandemic-induced slowdown. Stronger investment and export growth will spearhead the improvement. However, risks to the outlook remain: An increasing unemployment rate and lingering uncertainty over the pandemic cloud the outlook. FocusEconomics panelists project GDP to expand 5.2% in FY 2022, which is up 0.1 percentage points from last month’s forecast, and 5.2% in FY 2023.Egypt Economy Data
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Egypt Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 13.70 | 0.0 % | Dec 31 |
| Exchange Rate | 16.04 | 0.0 % | Jan 01 |
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Egypt Economic News
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Egypt: Inflation increases in December
January 10, 2022
Consumer prices decreased 0.08% month-on-month in December, swinging from November’s 0.15% increase, marking the first drop in prices since January 2021.
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Egypt: PMI increases to four-month high in December; conditions still deteriorate
January 4, 2022
The IHS Markit Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—inched up to a four-month high of 49.0 in December from November’s 48.7.
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Egypt: Central Bank stays put in December meeting, in line with expectations
December 16, 2021
At its 16 December monetary policy meeting, the Central Bank of Egypt (CBE) once again decided to keep the overnight deposit, overnight lending and main operations rates unchanged at 8.25%, 9.25% and 8.75%, respectively.
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Egypt: Inflation slides to four-month low in November
December 9, 2021
Consumer prices increased 0.15% from the previous month in November, moderating from the 1.50% increase logged in October.
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Egypt: PMI steady in November; conditions continue to deteriorate
December 5, 2021
The IHS Markit Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—was unchanged at October's 48.7 in November.
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