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.

September 10 to September 16 Coverage:

The monthly inflation recorded an increase by 0.7% in August 2019, compared to July. Moreover, the annual inflation reached 6.7% in August 2019, up from 13.6% in the same month a year before, according to CAPMAS.

The government aims at increasing the economic growth rate gradually to reach 8% by 2022, according to the Cabinet.

Prime Minister Moustafa Madboly praised the decline in imports by $900 million in June 2019, compared to the same month a year before.

Mohamed Maait, Minister of Finance, noted that the draft for the SMEs development law includes incentives and facilitation aimed at integrating the informal economy into the formal one.

The Cabinet’s media center denied reports on some websites and social media about an increase in taxes imposed on wages and services due to the Stamp Tax law amendment, Almal News reported.

The Ministry of Finance announced a new initiative to enhance communications with the Egyptian citizens through creating accounts on Twitter for five ministry spokespersons.

Prime Minister Moustafa Madboly is about to launch a program for stimulating Egyptian exports, which in return will help encourage industry in all sectors, Almal News reported.


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