A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering April 17th to April 23th.
Egypt’s gross domestic product (GDP) will grow 5% during the 2018 financial year and is on course to increase by 5.8% in the 2020 financial year, according to the World Bank’s Economic Outlook.
The International Finance Corporation will invest $1 billion in Egypt during the current financial year, the financial institution announced in a press release.
Jihad Azour, director of the IMF’s Middle East and Central Asia department, has said that Egypt’s program of economic reforms “have been successful” in stabilizing the economy, according to a transcript released by the IMF.
The Egyptian unemployment rate fell to 11.8% at the end of 2017, a 0.7% decrease from the end of 2016, statistics published by the Central Agency for Public Mobilization and Statistics (CAPMAS) show.
The Egyptian government, the Central Bank of Egypt and the IMF will host a conference in Cairo on May 5-6 to discuss job creation and economic growth, according to an IMF press release.
Egyptian exported almost $10 billion worth of goods to the European Union in 2017, a 21% increase on the year before, according to Amwal Al-Ghad.
Egyptian exports to African countries increased by 17% in Q1 2018 compared to Q4 2017, according to Al-Mal.
Egypt and Saudi Arabia are expected to a sign a $1.6 billion electricity interconnection project in June 2018, Youm7 has reported.
Minister of Investment and International Cooperation Sahar Nasr has told US companies that investment conditions in Egypt are promising during the World Bank’s Spring meetings, Al-Ahram reports.
Egyptian companies Ayady Masr for Industrial Development and CPC Egypt are planning to embark on a joint venture to establish an industrial zone in Sadat City, according to Al-Mal.