Monday Minute: Economic Snapshot

Monday Minute: Economic Snapshot

A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.

Covering November 13 to November 19.

The Egyptian economy is outperforming other oil-importing countries in the MENA region, according to the International Monetary Fund’s latest Regional Economic Outlook.

The Egyptian economy will grow by 6.5% in the 2019/20 financial year, according to new projections from the Ministry of Finance.

The government is targeting a reduced budget deficit of 7% of gross domestic product in FY 2019/20, down from 8.4% in the current financial year, according to Al Ahram.

The Monetary Policy Committee has voted to leave the overnight deposit and lending rates of interest at 16.75% and 17.75% respectively, the Central Bank of Egypt has announced.

Egypt’s trade deficit increased 8% in August 2018 year-on-year (YOY), reaching .

95 billion from $3.66 billion from the same month in 2017, Amwal Al Ghad reported.

The unemployed rate increased slightly in Q3 2018, rising to 10% from 9.9% in the previous quarter, CAPMAS figures revealed.

Perceived transparency of Egyptian policymaking has not improved since the beginning of the decade, according to a new report by the European Bank for Reconstruction and Development, Reuters reported.

The Egyptian American Enterprise Fund will invest $165 million into Egyptian businesses by the end of 2019, according to Al Borsa.

Remittances from Egyptians living overseas shot up by 20.4% YOY in September to $1.8 billion, Al Ahram reported.


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