A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
November 2 to November 8 Coverage:
CBE stated that the Net International Reserves (NIR) increased to $39.22 billion at the end of October instead of $38.43 billion in September.
Egypt’s Purchasing Managers Index (PMI) rose to 51.4 points in October compared to 50.4 in September, recording the second consecutive monthly improvement, IHS Markit announced.
S&P Global Ratings affirmed Egypt’s long and short-term foreign and local currency sovereign credits at “B/B”, maintaining a “Stable” outlook.
The trade exchange between Egypt and the US reached $8.618 billion during 2019 compared to $7.53 billion during 2018, according to the Ministry of Trade and Industry (MTI).
The trade exchange between Egypt and South Korea reached $1.59 billion during 2019, MTI reported.
The Korean investments in Egypt hit $570 million in 181 projects in various fields of industry, services, construction, communication, information technology, tourism, and agriculture, MTI reported.
The estimated budget allocated for the United Nations Partnership Development Framework (UNPDF) between Egypt and the UN reached to $1.2 billion since its signing in 2018, the Ministry of International Cooperation (MOIC) stated
The UN aims to provide Egypt with about $532 million in total for different developmental projects during the fiscal year (FY) 2020/21, according to MOIC’s press release.
The cooperation portfolio between Egypt and Italy as part of the Italian-Egyptian Debt Swap Programme (IEDS) is valued at $350 million, MOIC reported.
Reuters stated that the Egyptian economic growth is expected to record 3.3% during FY 2020/21, according to the Ministry of Planning and Economic Development (MPED).
MPED declared that green exports represented 13.3% from the total Egyptian exports during 2019, while green imports represented 16% from the total imports during the same year.
Egypt’s green exports were estimated at $11.2 billion during the period between 2015 – 2019. Green economy in Egypt witnessed 62% growth between 2018 and 2019, according to a report issued by MPED.