A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
November 29 to December 6 Coverage:
Egypt Purchasing Managers’ Index (PMI) dropped to 50.9 in November compared to 51.4 in October, while staying above 50 which is an indicator for the growth, IHS Markit reported.
The state has increased public investments by 70% to reach EGP 595 billion during the fiscal year (FY) 2020/21, according to Hala El Said, Minister of Planning and Economic Development.
The state plans to allocate EGP 50.9 billion to the education sector in FY 2020/21, increasing by 61% compared to EGP 31.4 billion during FY 2019/20, according to the Ministry of Planning and Economic Development (MPED).
Egypt allocated EGP 10 billion as investments in the digital infrastructure and information technology (IT) sector, increasing by 300% compared to the previous year, Hala El Said, Minister of Planning and Economic Development, said.
Public investments in the manufacturing sector (non-petroleum) are targeted to increase to EGP 65 billion, Hala El Said, Minister of Planning and Economic Development, stated.
Poverty rate decreased for the first time since 1999 to 29.7% compared to 32.5% during FY 2017/18, according to Hala El Said, Minister of Planning and Economic Development.
The current cooperation portfolio between Egypt and International Islamic Trade Finance Corporation (ITFC) reached $9.5 billion since 2008, according to MPED.
Egypt’s non-petroleum exports reached $20.6 billion during the period from January to October, the Ministry of Trade and Industry (MTI) reported, while the imports decreased by 14% to $52 billion.