A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.

February 18 to February 24 Coverage:

The CBE’s MPC announced that the overnight deposit rate, overnight lending rate, the rate of the main operation, and the discount rate will remain unchanged at 12.25%, 13.25%, 12.75%, and 12.75%, respectively.

Annual headline urban inflation increased from 7.1%  in December 2019 to 7.2% in January 2020, according to CBE.

The Cabinet announced that the debt to GDP ratio has fallen to its lowest level in 10 years, recording 66.7%.

The IMF lowered its global growth forecast for 2020 to 3.3%, decreasing from 3.6% in April 2019, the Cabinet stated.

During H1 FY 2019/20, the share of the trade sector to GDP reached 14.7%, followed by the industry sector at 12.6%, and agriculture and forestry at 12%, according to the Cabinet.

Egypt’s public investments have reached EGP 217 billion, indicating a 5% growth during H1 FY 2019/20, the Cabined announced.

During the Cabinet’s meeting, Hala El Saeed, the Minister of Planning and Economic Development, clarified that the inflation rate has been declining during H1 FY 2019/20 due to the currency floatation’s recession, reaching 6.8% on an annual basis.