A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering November 6th to November 12th.
1) Egypt’s urban consumer inflation declined to 30.8% in October from 31.6% in September, Amwal Al Ghad reports.
2) The EBRD predicts that Egypt’s GDP will expand by 4.5% during the current fiscal year, Al Mal News reports.
3) S&P raised its outlook for Egypt to positive but left its credit rating at B-, Reuters reports.
4) The IMF has approved the release of the next installment of its loan to Egypt, according to Reuters. The installment is worth approximately $2 billion.
5) The Ministry of Finance plans to auction off one-year governmental bonds worth 650 euros today, Reuters reports.
6) Egypt’s trade deficit for the month of August fell to $3.31 billion, a 26.7% Y.o.Y decrease from August 2016, according to Ahram Online.
7) Egypt’s exports to Russia rose 24.7% Y.o.Y to 387.9 million during the first seven months of the year, Ahram Online reports. Imports from Russia also increased, rising from $1.763 billion to $1.978 billion, or approximately 12%.
8) FDI rose 29% Y.o.Y. in the fourth quarter of FY 2016/2017, reaching approximately $1.35 billion, the Minister of Investment and International Cooperation, Sahar Nasr, said, according to Amwal Al Ghad.
9) The Suez Canal Economic Zone signed contracts worth $40B on the sidelines of the World Youth Forum in Sharm El Sheikh, Amwal Al Ghad reports.
10) COSCO Shipping, a Chinese company, signed a contract to build a logistics hub in Ain Sokhna, Al Mal News reports.
11) DP World signed a joint-venture agreement with the Suez Canal Economic Zone to develop the zone and manage operations in it, according to Al Mal News.
12) The Ministry of Agriculture announced plans to increase the amount of farmland devoted to corn by 800,000 feddans, according to Amwal Al Ghad.
13) The government is considering cancelling its contracts for subsidy smart cards because of technical issues that the companies have struggled to resolve, according to Al Mal News.