Industry in Egypt
Egypt - IndustryPreliminary data showed that the economy contracted in Q2, as the pandemic and associated lockdown measures impaired activity. GDP growth is estimated to have slowed to 3.8% for the fiscal year 2020 (July 2019 to June 2020), having increased 5.6% in the July–December period: Collapsing tourism, slumping gas prices and spiking unemployment will have all weighed on activity. Turning to the new fiscal year, the continued reopening of the economy and resumption of international travel bode well for an uptick in activity. PMI data for July–August revealed expanding output and new business, despite the headline figures indicating mild contractions in overall conditions. Meanwhile, on 31 August, Moody’s reaffirmed both its B2 credit rating and stable outlook for Egypt, citing effective economic policies, strong foreign exchange holdings and relatively low levels of foreign-denominated debt.
Egypt - Industry Data
|Industrial Production (annual variation in %)||2.3||-0.1||2.1||7.2||2.1|
5 years of economic forecasts for more than 30 economic indicators.
Egypt Industry Chart
Source: Ministry of Planning.
|Bond Yield||13.70||0.0 %||Dec 31|
|Exchange Rate||16.04||0.0 %||Jan 01|
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September 10, 2020
Consumer prices fell 0.15% in August over the previous month, swinging from July's 0.38% rise.
September 3, 2020
Egypt’s Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—inched down to 49.4 in August from 49.6 in July.
August 13, 2020
At its monetary policy meeting on 13 August, the Central Bank of Egypt (CBE) maintained the overnight deposit, overnight lending, and main operation rates unchanged at 9.25%, 10.25% and 9.75%, respectively, as expected by most market analysts. The decision to stand pat in August continued the Bank’s wait-and-see approach, following 300 basis points of rate cuts in March as the coronavirus pandemic and related containment measures hit economic activity.
August 10, 2020
Consumer prices increased 0.38% in July over the previous month, coming in below the 0.08% increase logged in June.
August 5, 2020
Egypt’s Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, rose to 49.6 in July from 44.6 in June, marking a further recovery from the 29.7 reading in April, which remains the lowest point on record since the current survey began in April 2011 and reflected the effects of Egypt’s first full month with strict coronavirus restrictions.