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.

May 11 Coverage to May 17:

Remittance inflows from Egyptian expatriates rose by 11% to a record high of nearly $30 billion in 2020, according to the World Bank (WB).

Egypt’s annual headline inflation rate recorded 4.1% in April compared to 4.5% in March, according to the Central Bank of Egypt (CBE).

The unemployment rate has reached 7.4% of the total workforce during Q1 2021 indicating a decrease of 0.3% in comparison to Q1 2020, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

CAPMAS data show that the trade deficit decreased by 1.2% recording $3.34 billion in February 2021 against $3.38 in February 2020.

Exports reached $2.69 billion in February, indicating a decline of 2% compared to February 2020, according to CAPMAS.

Imports declined by 1.6% recording $6.03 billion in February, according to CAPMAS.

The Ministry of Finance (MoF) allocated EGP 308.3 billion in the fiscal year (FY) 2021/22 budget to support economic entities’ activities and to contribute to their capital.

MoF increases public investments in the new budget by 27.6% to reach EGP 358.1 billion.

MoF will allocate EGP 87.2 billion to the General Authority for Supply Commodities (GASC) and EGP 5.5 billion to develop the Egyptian National Railways (ENR) in the FY 2021/22 budget.


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