A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering October 16th to October 23rd.
Egypt is targeting a budget deficit of 4-5% by 2022, according to the Minister of Finance, Amr El Garhy, Al Ahram reports.
Saudi Arabia and the UAE renewed their loans to Egypt, reducing the amount of Egyptian debt maturing next year to $8.5 billion, according to Al Mal News.
Tourism revenues rose 211.8% in the first nine months of the year, according to Reuters. Revenues increased from $1.7 billion during the first nine months of 2016 to $5.3 billion during the same time period this year.
Trade with Qatar rose 17.5% during the first seven months of the year, exceeding $1 billion, Amwal Al Ghad reports.
Agricultural exports have surged 13.9% during the first nine months of 2017, reaching 4.1 million tons, Al Ahram reports.
Kuwait and Bahrain agreed to lift their import ban against some Egyptian agricultural products for three months to permit additional testing for pesticide residue, Amwal Al Ghad reports.
After rising in July and August, Suez Canal revenues declined 2% in September, falling to $459.8 million from $470.6 in August, Al Mal News reports. Despite the dip, revenues remain higher than the $416.6 million received in September 2016.
EgyptAir is looking to secure a $870 million loan to cover part of the cost of purchasing 33 planes, Al Mal News reports.
Vodafone will invest EGP 2 billion in its network to improve data services, according to Amwal Al Ghad.