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.

November 5 to November 11 Coverage:

Net international reserves reached around $45246.5 million at the end of October 2019, according to the CBE.

CAPMAS revealed that the monthly inflation rate witnessed an increase of around 1% in October 2019. Additionally, the annual inflation rate reached around 2.4% in October 2019, compared to 17.5% in the same month a year before.

The Cabinet discussed the procedures suggested by the MPMAR to join the cooperation program with the OCED.

The Cabinet mentioned the HSBC report which expects Egyptian companies to achieve better growth rates than the global rates and those in the MENA region.

Egypt ranked the second globally after Ecuador in achieving an initial surplus of GDP of 2%, as well as reducing budget deficit and debt to GDP by unprecedented rates, according to the Ministry of Finance.

Capital Economics expects that Egypt’s GDP will reach 6% by 2020 and mentioned that the Egyptian economy will have the best performance in the MENA region by 2020, the MPMAR Facebook page pointed out.

The WB praised the reforms applied in Egypt in the public finance and energy sectors and considered them as the main wheel for higher economic growth rates, according to the MPMAR Facebook page.

EBRD’s investments in Egypt makes up more than 50% of its investments in Africa, Ahram Gate reported.


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