A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering May 22nd to May 28th.
HSBC’s chief economist Simon Williams has said that the UK bank is “fundamentally optimistic on Egypt’s near-term outlook”, Reuters reports.
Egyptian officials have confirmed that the Customs Act will cut customs duties from 5% to 2% and introduce new tariffs for the tourism sector, according to Enterprise.
Egypt and Russia have signed an agreement to develop a Russian Industrial Zone in the Suez Canal region, Al Mal reported.
The government is pressing state-owned firms under the Public Enterprise Ministry to repay gas and electricity debts so the state can speed up repayments to foreign energy companies, Enterprise reports.
Egypt’s Financial Regulatory Authority has said that financing for small and medium-sized businesses has almost doubled to EGP 8.5 million in the year to April 2018, Al Ahram reported.
Egyptian tourism revenues increased 83.3% in Q1 2018 to $2.2 billion, a government source told Reuters.
The Suez Canal Authority has reported revenues of $479.3 million in April 2018, up 11.5% from April 2017, according to Al Mal.
Egyptian exports to the UK increased by 28.7% in Q1 2018, Amwal Al Ghad reported.