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.

July 26th Coverage to August 2nd

Moody’s maintained Egypt’s long-term foreign and local currency issuer credit ratings at B2 with a stable outlook, and kept its foreign currency senior unsecured ratings at B2, Moody’s announced.

The International Monetary Fund (IMF) expected Egypt’s gross domestic product (GDP) to improve, reaching 5.8% in the FY 2024/2025.

The IMF projected Egypt’s tourism revenues to reach $8 billion in FY 2021/2022, and $25 billion in FY 2024/2025.

The IMF predicted Suez Canal revenues to reach $ 6.6 billion in FY 2021/2022, and $7.6 billion in FY 2024/2025.

The European Bank for Reconstruction and Development (EBRD) approved a $29.6 million loan for Egypt’s October Dry Port Company (ODP), to construct Egypt’s first inland dry port.

Egyptian startups Venture capital finance for Egyptian startups reached $194 million in H1 2021, according to Amr Mahfouz, the CEO of the Information Technology Industry Development Agency (ITIDA).

The Egyptian public’s investments rose by 50.5% year on year (YoY) during FY 2020/2021, recording  EGP 289 billion, Finance Minister, Mohamed Maait, stated.

Egypt’s leather exports increased by 58% during H1 2021, as it reached $41.76 million, compared to 26.5 million in H1 2020.

Sarah Samir 2752 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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