Egypt Economic Outlook
January 8, 2019
The economy appears to have had some growing pains in the second quarter of fiscal year 2019—which covered October to December 2018—following a small slowdown in the first quarter. The non-oil private sector was stuck in contractionary territory in November for the third consecutive month, according to survey data. The continued downturn in the sector was led by a decline in output and new orders, although both declines were less pronounced than in October. Meanwhile, a deadly bombing of a tourist bus near the Giza pyramids in late December sent shockwaves through the tourism sector, which remains in recovery-mode after the Arab Spring in 2011 and bombing of a passenger jet near Sharm el Sheikh in 2015. More positively, the World Bank signed off on USD 1 billion of financial support to Egypt on 9 December, adding to the USD 3.2 billion already committed since 2015.Egypt Economic Growth
This fiscal year, economic growth should be robust thanks to higher government investment spending, rising natural gas production and an improving regulatory environment. However, despite reducing in recent years, fiscal imbalances continue to weigh on economic prospects. FocusEconomics panelists expect GDP to expand 5.2% in FY 2019, which is unchanged from last month’s forecast, and 5.3% in FY 2020.Egypt Economy Data
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Egypt Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 17.82 | 0.0 % | Jan 30 |
| Exchange Rate | 17.67 | 0.0 % | Jan 30 |
| Stock Market | 1,355 | 0.53 % | Jan 30 |
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Egypt Economic News
Egypt: Government remains on fiscal consolidation path with FY 2020 budget
April 1, 2019
On 27 March, the government of Egypt—which is currently pursuing a three-year IMF-backed reform program to strengthen its finances—approved its budget for fiscal year 2020, which covers the period from July 2019 to June 2020.
Egypt: Central Bank stands pat in March
March 28, 2019
The Central Bank of Egypt (CBE) left all interest rates unchanged at its monetary policy meeting on 28 March.
Egypt: Inflation rises to a three-month high in February
March 10, 2019
In January consumer prices rose 1.7% compared to the previous month, up from the 0.6% rise in January and representing the highest month-on-month increase since October.
Egypt: Business conditions in the non-oil private sector deteriorate at a faster pace in February
March 5, 2019
The Emirates NBD Egypt Purchasing Managers’ Index (PMI) fell to 48.2 in February from 48.5 in January, representing the lowest reading since September 2017.
Egypt: Inflation ticks up in January
February 10, 2019
In January consumer prices rose 0.6% compared to the previous month, contrasting the 3.4% decrease in December.
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