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 25 Coverage to May 31:

The Ministry of Finance (MoF) aims to shrink the total budget deficit from 7.8% of the Gross Domestic Product (GDP) in the fiscal year (FY) 2019/20  to reach 6.5% in FY 2021/22, and about 5.3% and 4.6% of GDP in FY 2022/23, and 2023/24, respectively.

Based on H1 2020/21 economic performance, MoF expects to achieve an initial surplus of 0.6% of  GDP  by the end of FY 2020/21 in spite of the COVID-19 repercussions.

Egypt’s agricultural exports increased to more than 3.3 million tons in the period spanning from the beginning of this year to May 26.

The value of Egypt’s non-petroleum exports rose by 11%, amounting to $9.8 billion, whereas the value of non-petroleum imports rose by 5%, recording $23.1 billion in the first fourth months of 2021.

Precisely 30.1% of Total Egyptian exports are accounted for five countries’ markets; the US with $676 million, followed by Turkey with $651 million, then Saudi Arabia with $633 million, Italy with $586 million, and Malta with $406 million.

As for Egyptian imports, 41.2% are accounted for five countries’ markets; China with $4.1 billion, the US with $2.98 billion, followed by Germany with $1.35 billion, Russia with $1.1 billion, and Italy with $877 million.

The Ministry of International Cooperation (MOIC) signed a EUR 145 million agreement with the African Development Bank (AfDB) to improve the efficiency and safety factors in the railway system.



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