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.

February 27 Coverage to March 6

The Central Bank of Egypt (CBE) announced that Egypt’s net international reserves reached $40.99 billion at the end of February 2022.

Egypt and the European Bank for Reconstruction and Development (EBRD) have signed two memoranda of understanding (MoU) in the field of green hydrogen, in addition to inaugurating the Tourism Sector Skills Council and finalizing an agreement to execute the Alexandria metro system project valued at EUR 250 million, according to the Ministry of International Cooperation.

The Suez Canal Authority (SCA) reported that 1,713 ships passed through the Suez Canal with a total tonnage of 100.1 million tons during February 2022, compared to 1,532 ships and a tonnage of 97.6 million tons in February 2021, the Egyptian Cabinet stated.

Suez Canal Authority (SCA) Chairman Osama Rabie stated that during February 2022 the Suez Canal achieved historically remarkable performance rates, recording $545.5 million and a 15.1% increase in revenues, compared to $474.1 million during the same month last year, according to the Egyptian Cabinet.

Egypt’s Purchasing Managers’ Index (PMI) rose to 48.1 points in February 2022, compared to 47.9 points in January last year, the Minister of Planning and Economic Development Hala El-Said stated.

Moody’s Investors Service announced that it expects that the Egyptian economy will grow by 5.5% in fiscal year (FY) 2022/23, the Ministry of Planning and Economic Development said.

Egypt achieved an 8.3% growth rate during Q2 of the current fiscal year (FY) and a 9% growth rate during H1 of the FY 2021/22, the Ministry of Planning and Economic Development said.

Fitch Solutions announced that Egypt has one of the biggest markets for consumer electronics in the Middle East and Africa, expecting that $4.5 billion will be spent in this industry which will grow by 6.9% in 2022. Egypt’s consumer electronics market witnessed 9.9 % growth in 2021, compared to 0.3% in 2020, according to the Infomation and Decision Support Center.


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