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.

January 17 Coverage to January 23

The World Bank (WB) expects that the Egyptian economy growth rate will increase to 5.5% by June 2022, based on the country’s economic stability and the positive impact of development projects, the Ministry of Finance stated.

The Center for Economic and Business Research (CEBR) predicted that Egypt’s gross domestic product (GDP) will reach $100 trillion at the end of 2022, the Information and Decision Support Center (IDSC) announced.

The public budget has recorded an initial surplus of EGP 3.2 billion during the H1 of FY 2021/22, despite coronavirus, the Cabinet declared.

The total investments financed by the public treasury reached EGP 82 billion during the H1 of FY 2021/22 compared to $73 billion during the same period in FY 2020/21 increasing by 12%, the Cabinet reported.

The foreign direct investment (FDI) in the Egyptian renewable energy sector reached $4.4 billion distributed between wind and solar energy, the IDCS reported.

The remittances from Egyptians abroad have increased 7.8% to $26.4 billion during the first ten months of 2021, according to Al Ahram gate.

Egypt’s non-petroleum exports reached $32.1 billion by the end of 2021 compared to $25.4 billion in 2020 increasing by 26%, the Ministry of Trade and Industry (MTI) revealed.

Egypt made third place in a list of MENA region countries that finance start-ups with a total of $502 million during 2021, EconomyPlus disclosed.

Egypt and South Korea’s Economic Development Cooperation Fund sign a memorandum of understanding (MoU) worth $1 billion to support development efforts in various fields, the Ministry of International Cooperation (MOIC) reported.









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