Egypt Economic Outlook
April 2, 2019The economy had a shaky start to the third quarter of fiscal year 2019, which ran from January to March. After falling in January, the private-sector PMI fell again in February to plunge to the lowest level since September 2017, leaving it in contractionary territory for the sixth month running. February’s downturn was due to markedly lower output and a substantial drop in new business orders. This comes after economic growth accelerated in Q2 FY 2019. On the fiscal front, the government approved the FY 2020 budget on 27 March. The finance package is in line with the government’s IMF-backed reform program, targeting a lower fiscal deficit on the back of a restrained rise in spending and strong economic growth boosting revenues. Meanwhile, MPs are expected to vote in favor of constitutional changes on 14 April which would extend the president’s term, subject to a confirmatory public referendum.
Egypt Economic GrowthEconomic growth should be strong this fiscal year thanks to higher government investment spending, rising natural gas production and an improving regulatory environment. However, despite moderating in recent years, fiscal imbalances continue to restrain economic potential. Met the why particular panelists expect GDP to expand 5.3% in FY 2019, which is unchanged from last month’s forecast, and 5.4% in FY 2020.
Egypt Economy Data
5 years of Egypt economic forecasts for more than 30 economic indicators.
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|Bond Yield||16.35||0.0 %||Apr 12|
|Exchange Rate||17.31||0.0 %||Apr 12|
|Stock Market||1,451||0.53 %||Apr 12|
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Egypt Economic News
April 1, 2019
On 27 March, the government of Egypt—which is currently pursuing a three-year IMF-backed reform program to strengthen its finances—approved its budget for fiscal year 2020, which covers the period from July 2019 to June 2020.
March 28, 2019
The Central Bank of Egypt (CBE) left all interest rates unchanged at its monetary policy meeting on 28 March.
March 11, 2019
In January consumer prices rose 1.7% compared to the previous month, up from the 0.6% rise in January and representing the highest month-on-month increase since October.
March 5, 2019
The Emirates NBD Egypt Purchasing Managers’ Index (PMI) fell to 48.2 in February from 48.5 in January, representing the lowest reading since September 2017.
February 11, 2019
In January consumer prices rose 0.6% compared to the previous month, contrasting the 3.4% decrease in December.