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.

May 4 to May 11 Coverage:

The annual inflation rate recorded 5.9% in April 2020 compared to 12.5% for the same month in 2019, according to CAPMAS, while CBE recorded the annual core inflation rate at 2.5% in April 2020, compared to 1.9% in March 2020.

CAPMAS report shows that the trade deficit reached $1.95 billion during February 2020 compared to $4.01 billion in February 2019, recording a decrease of 51.4%.

Exports increased by 3.3%, recording $2.69 billion in February 2020, against $2.61 billion for the same month in 2019, while imports decreased by 29.9%, recording $4.64 billion, against $6.62 billion in February 2019, according to CAPMAS.

CBE’s net international reserves recorded $37 billion at the end of April 2020 compared to $40.1 billion at the end of March 2020.

CBE announced a 5% decline in Egyptian exports during Q2 2019/20, amounting to $7.13 billion compared to $7.488 billion recorded in Q2 2018/19.

Egypt’s exports of semi-manufactured goods increased during Q2 2019/20 to reach $1.186 billion, compared to about $967.6 million in Q2 2018/19, while manufactured exports recorded $2.75 billion in Q2 2019/20 compared to about $2.8 billion for the same period in 2019, according to CBE.

MPED reported that Egypt’s economy is expected to achieve a growth rate of 3.5% during FY 2020/21 if the coronavirus outbreak ends at the end of FY 2019/20.

According to MPED, the growth rate for FY 2019/20 is expected to reach 4.2% falling from 5.8% and as Q3 and Q4 show growth of 4.5% and 1%, respectively as a result of the coronavirus outbreak.

According to the Cabinet, the estimated budget of the National Organization for Social Insurance increased its expenses to EGP 240 billion for FY 2020/21, compared to EGP 219 billion in FY 2019/20.

Trade exchange between Egypt and China reached $13.2 billion in 2019, declining by 4.5% YoY, according to Al-Ahram.

Chinese companies’ direct investments in Egypt reached $1.08 billion by the end of 2018, while non-financial direct investment reached $103.87 million in 2019, Al-Ahram reported.


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