A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering June 5th to June 11th.
President Abdel Fattah El Sisi has asked former housing minister Mostafa Madbouly to form a new government, the president’s spokesman announced on social media.
The House of Representatives has passed the 2018/19 budget which aims to trim the budget deficit to 8.4%, Reuters reported.
Egypt’s foreign reserves increased to $44.14 billion in May 2018, up from $44 billion in April 2018, figures published by the Central Bank of Egypt (CBE) show.
The headline rate of inflation fell to 11.4% in May 2018, down 1.7% from 13.1% in April, according to CBE figures.
The World Bank has raised its projections for Egypt’s GDP in the 2017/18 fiscal year from 4.5% to 5%, according to its Global Economic Prospects report.
Egypt attracted the most foreign direct investment in Africa last year, despite investment falling 8.8% year-on-year (YOY) to $7.4 billion, according to the UN’s World Investment Report.
The Egyptian government will launch the country’s sovereign wealth fund at the end of 2018, Minister of Planning Hala El Saeed said in an interview with Bloomberg.
Egyptian non-oil exports increased by 16% YOY in the first four months of 2018, Egypt Today reports.
Business activity in Egypt’s non-oil private sector dipped slightly in May, as output and new orders fell, according to the Emirates NBD Purchasing Manager’s Index.
The CBE issued EGP 1.75 billion worth of three-year treasury bonds and EGP 1.25 billion worth of seven-year bonds on June 11, Mubasher reports.
