Report

Current account deficit narrows 13% y/y to USD 4.6bn in Jul-Dec 2019

- Non-oil trade deficit narrows 7% y/y as non-oil exports rise 11% y/y due to gold, electronics and pharmaceuticals
- Oil exports drop 16% y/y due to crude oil, Egypt has expanded gas production and has become self-sufficient in gas
- Remittances, Suez Canal revenues and tourism receipts all increase y/y
- Financial account registers USD 5.2bn net inflows; FDIs driven by greenfield investments and oil
- Foreign portfolio flows were hurt by tight global liquidity in Aug-Sep, surge in Jan-Feb 2020
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CEEMarketWatch
CEEMarketWatch

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