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.

April 5 Coverage to April 12:

The annual headline inflation rate remained stable with no change at 4.5% in March 2021.

Egypt’s initial surplus reached EGP 25 billion and annual revenues increased by  14.6%, despite the negative effect of COVID-19 pandemic on the economic activity, according to the Ministry of Finance (MOF).

Port Said Customs Authority collected   about EGP 509 million on import certificates in March, in addition to nearly EGP 2.6 billion collected value-added taxes (VAT) and other fees for these certifications.

The International Monetary Fund (IMF) raised its estimate for Egypt’s real economic growth to 5.7 % and 5.8% in fiscal year (FY) 2021/22 and FY 2025/26 respectively, up from 5.5% in January’s forecast.

According to the World Bank’s global ranking, Egypt is the sixth country receiving remittances that amounted to $24.4 billion in 2020.

Mohamed Saafan, Minister of Manpower, approved the allocation of about EGP 3.5 million from the emergency fund to 2,661 workers at the Workers Cultural Foundation and its affiliated Workers University.

Mahmoud Sharawi, Minister of Local Development inspected the investments in projects in some villages, as part of the “Decent Life” initiative. The investments reached EGP 1.6 billion with 177 projects are in the implementation phase.

Rania Al-Mashat, Minister of International Cooperation, stated that the ongoing cooperation portfolio between Egypt and Japan amounts to $2.7 billion, with $287 million dedicated to human capital development.

Egypt approved the allocation of EGP 570 million to fund projects and job opportunities for irregular workers in 16 governorates.




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