Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
May 31 Coverage to June 6:
Egypt’s Net International Reserves (NIR) recorded $40.468 billion at the end of May 2021, the Central Bank of Egypt (CBE) announced.

Egypt’s purchasing manager’s index (PMI) has risen to 48.6 points in May from 47.7 points in April. The index uncovers decline for six consecutive months, according to IHS Markit monthly report .

Egypt targets carrying out nine transport projects, five of which related to ports and logistic centers worth more than $ 796 million, Cabinet announced.

The Egyptian economic growth reached 2.9% in Q3 2020/21, Ministry of Planning and Economic Development (MPED) announced.

Egypt’s growth rate is expected to reach 2.8% during fiscal year (FY) 2020/21 and to rise to 5.2% during FY 2021/22, the Ministry of Planning and Economic Development (MPED) declared.

Suez Canal records revenues estimated at $553.6 million in April 2021, increasing by 16.3% in comparison to April 2020, MPED stated.

Egypt targets total investments worth EGP 1.2 trillion in the budget draft FY 2021/22, according to MPED.

The remittances from Egyptians abroad reached $15.5 billion during H1 2020/21, increasing by 10% compared to the period from January to July 2020, Minister of Planning and Economic Development Hala Al Saeed announced.

The foreign direct investments (FDI) started to recover during H1 2020/21, recording net inflows amounts of $3.4 billion versus $2.5 billion during H1 2019/20, Minister of Planning and Economic Development Hala Al Saeed stated.

The production of Egypt’s sectors; wholesale and retail trade, industry, agriculture and real estate represented 51.9% of the gross domestic product (GDP) in the first nine month of FY 2020/21, MPED announced.


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