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.

March 9 Coverage to March 15:

Fitch maintains Egypt’s long-term foreign currency Issuer Default Rating (IDR) at B+.

Fitch forecasts real economic growth of 3% for the fiscal year (FY) 2020/21.

The annual headline inflation rate rose by 4.7%  recording  4.5% in February compared to 4.3% in January 2021, according to the Central Bank of Egypt (CBE).

Egypt’s economic growth recorded 2% in Q2 2020/21 and recorded an average growth rate of 1.35% in H1 2020/21 compared to 5.6% during H1 2019/20.

Public investments reached EGP 102 billion in H1 2020/21 indicating a growth rate of 28%.

The Ministry of Planning and Economic Development (MPED) targets a 30% increase in public investments focused on green projects in FY 2021/22.

Egypt’s debt service bill fell 5.3% year-on-year (YoY) in H1 2020/21 recording EGP 501.1 million. 

The Japanese Embassy in Cairo and the United Nations Industrial Development Organization (UNIDO) signed an agreement valued at $3.5 million to reduce the usage of single-use plastic bags and eliminate waste.


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