A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering October 9th to October 16th.
1) The IMF will issue the third tranche of its $12 billion loan to Egypt, amounting to $2 billion. The country is expected to receive it in November 2017, according to Amwal al Ghad. Furthermore, the IMF predicts that Egypt’s economy will grow 4.5% in FY 2017/2018, Reuters reports.
2) Egypt’s inflation fell in September. Annual urban consumer price inflation dropped 0.3% to 31.6%. Core inflation fell to 33.26% from 34.86% in August, Reuters reports.
3) Rates on the 91-day treasury bills fell to 18.984% from 19.001% during Sunday’s bond offering. Yields on the 273-day treasury bills fell to 17.977% from 18.03%, according to Al Ahram.
4) The rate of foreign purchase of Egyptian debt in EGP has slowed to an average of 2% per week, down from the previous rate of 8%, Bloomberg reports.
5) The World Bank predicts that Egypt’s budget deficit will fall to 8.8% of GDP in FY 2017/2018, according to Amwal Al Ghad.
6) Egypt’s finances are vulnerable to increases in global interest rates, according to Moody’s, Amwal Al Ghad reports.
7) Egypt’s unemployment rate has fallen to 11.9%, according to the Minister of Planning and Administrative Reforms, Hala El Saied, Amwal Al Ghad reports.
8) The number of August tourist climbed 62.9% Y-o-Y, Al Mal News reports. The number of tourists visiting Egypt hit 819,600 in August, according to statistics released by CAPMAS. This number represents a 4.9% increase from July.
9) Non-petroleum exports rose to $15 billion in August, up 11% from the $13.5 billion that Egypt exported in January, according to the Egyptian Minister of Commerce and Industry, Tarek Kabil. Imports also fell from $45.5 billion in January to $35.1 billion in August, a 29.6% drop, Al Ahram reports.
10) Value-added-tax (VAT) revenue from the oil sector grew at a faster pace than from other economic sectors, according to the Deputy Minister of Finance for Taxation Policies, Amr El Munir, Al Mal News reports.
11) Cement exports rose to almost $72 million during the first nine months of the year, an 88% increase from the $38 million Egypt exported during the same time frame last year, Amwal Al Ghad reports.
12) Uber announced that it will invest $20 million in its new support center in Cairo, according to Reuters.
13) Germany agreed to provide 320 million euros to finance to governmental projects and reforms, according to Al Ahram.
14) Parliament approved changes to Egypt’s anti-corruption laws, according to Al Ahram.
15) A Chinese construction company (CSCEC) signed a $3 billion agreement to build the central business district in Egypt’s new administrative capitol, Al Mal News reports.
16) The Egyptian government will permit state-owned sugar producers to set their own prices, according to Al Mal News.