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.

February 9 Coverage to February 15:

Egypt’s annual core inflation rate recorded 3.6% in January against 3.8% in December 2020, whereas the headline inflation rate recorded 4.3% in January, according to the Central Bank of Egypt (CBE).

Egypt’s monthly core inflation rate recorded 0.5% in January against 0.7% in January 2020.

The Institute of International Finance (IIF) expects Egypt’s economy to register a growth of 2.3% in fiscal year (FY) 2020/21.

Egypt’s budget deficit dropped to 4.4% from 4.6% during the period from July 2020 to January 2021. 

Egypt’s primary budget registered a surplus of EGP 18.1 billion from the period of July 2020 to January 2021.

State revenue increased by 16% and public spending rose by 12.4% during the first seven months of FY 2020/21. 

The Cabinet approved a $500,000 grant from the African Development Bank which will be directed towards emergency humanitarian aid during COVID-19.

The Ministry of International Cooperation (MOIC) allocated $905 million towards ongoing development projects within the social protection plan.

Egypt and Italy signed an agreement worth $2.7 million for the Social Welfare Project in Luxor aligning with the Debt-Swap agreement in cooperation with the United Nations World Food Program (UNWFP). 


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