A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering December 4th to December 10th.
1) Urban consumer inflation fell to 26% in November, down from 30.8% in October, Ahram Online reports.
2) Inflation should fall to 20% in January, Finance Minister Amr El Garhy predicts, according to Reuters.
3) Foreign currency reserves rose to $36.723 billion in November, a slight uptick from the $36.703 billion recorded at the end of October, Ahram Online reports.
4) The budget deficit is expected to shrink to 10% this year, down from 10.9% in FY 2016/2017, Amal News reports.
5) Egypt’s trade deficit shrunk five percent year-on-year, falling to $8.9 billion in the first quarter of FY 2017/2018 from $9.4 billion during the same quarter in FY 2016/2017, Amwal Al Ghad reports.
6) Exports to Spain rose 75% during the first seven months of 2017, the Minister of Industry and Foreign Trade, Tarek Qabil, said, according to Ahram Online.
7) The Emirates NBD Egypt Purchasing Managers’ Index (PMI) rose above 50% for the first time in over two years in November, rising to 50.7%, according to Ahram Online.
8) Egypt received $3 billion in FDI during the first quarter of FY 2017/2018, according to Amwal Al Ghad. Net FDI stood at $1.6 billion.
9) The central bank is set to sell $1 billion in bonds today, Reuters reports.
10) Egypt should receive a $2 billion installment of its $12 billion loan from the IMF during the third week of December, the Finance Minister, Amr El Garhy, said, Ahram Online reports.
11) The World Bank signed a $1.15 billion loan agreement with Egypt, according to the World Bank.
12) The Export Development Bank of Egypt (EBE) and the African Export-Import Bank (Afreximbank) reached a $500 million agreement to support the export industry, according to a press release by Afreximbank.
13) Italian investments in Egypt are set to rise to $1.5 billion, according to the Minister of Industry and Foreign Trade, Tarek Qabil, Amwal Al Ghad reports.
14) Canadian investments in Egypt have reached $3 billion, according to Alaa El Baily, Chairman of the Egyptian Commercial Service Office in Montreal, Amwal Al Ghad reports.
15) The government is looking to increase wheat cultivation to 3.74 million acres this year, an increase of 0.63 million acres, Ahram Online reports.
16) Egypt will lower its tariffs on European cars next January, according to the Vice Minister of Finance for Tax Policy, Amr Mounir, Ahram Online reports.