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 16 to July 22 Coverage:

The Egyptian economy managed to achieve an initial surplus of around 2% in FY 2018/19, in addition to lowering the budget deficit to 8.2%. Moreover, the economic growth rate has reached around 5.6% in FY 2018/19, while the unemployment rate dropped to 8.9% in December 2018, the Cabinet mentioned while reviewing the economy’s positive indicators.

The non-tax revenues have increased by EGP 32 billion to reach around EGP 151.2 billion, up from EGP 119.6 billion, during the first 11 months of FY 2018/19, Almal reported.

The Export Development Fund has announced adopting a new EGP 6 billion program, aiming to ease the export burden in FY 2019/20, according to the Ministry of Trade and Industry.

The Ministry of Finance has announced its commitment to execute the amended regulations of the Cabinet’s decision number 1517 for the year 2019, related to paying back the travel tickets’ values to the employees without any additions.

Bloomberg has praised the latest Egyptian economic figures released, pointing out that Egypt has begun reaping the positive results of currency floatation, according to Asharq Al-Awsat.

I-score has confirmed that during the last quarter of FY 2019/20, the SMEs system will be linked to banks and Egypt will be transformed into a digitalized community, according to the reform program, Ahram gate reported.

The vehicles’ fees and taxes has been doubled, recording EGP 5.5 billion during the first 11 months of FY 2018/19, compared to EGP 2.9 billion recorded at the same period of FY 2017/18, Almal reported.


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