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Latest in Economy


Egyptian economy in good shape as FY 2018 ends: FocusEconomics

Egypt’s economy seems in good shape as annual economic growth accelerated in the January-March period to reach a multi-year high. Additionally, in May, foreign reserves hit a record monthly high and, in April, business conditions in the non-oil private sector were in positive territory for only the second time in over two years, according to …

Mohamed Samir

Egypt PMI back to contraction in May: Emirates NBD

Egypt’s non-oil private sector activity continued to shrink in May to reach 49.2 points, down from 50.1 points in April. Nonetheless, the Purchasing Managers’ Index (PMI) score for May remained well above the long-term average, according to the latest Emirates NBD Egypt Purchasing Managers’ Index survey, published on Tuesday. However, according to the survey, there …

Mohamed Samir

Finance Ministry excludes economic stimulus plans from public expenditure control guidelines

The Ministry of Finance said in a statement on Tuesday that it has issued executive instructions to exclude the accounts of the emergency economic stimulus plan for the current fiscal year (FY) from its recent spending control instructions. The spending control instructions include banning the reregistration of discount disbursement financial documents starting 14 June, prohibiting …

Daily News Egypt

50%, increase in consumer consumption of goods in Ramadan: Ministry of Supply

Egypt’s Minister of Supply and Internal Trade Aly El Meselhi said in a television interview that the volume of consumer’s consumption of food commodities during Ramadan is 50% higher than other months. Manufacturers and traders are achieving high profits in this Holy month, despite of the large price cuts such as extreme discounts of up …

Nihal Samir

Beltone downplays Moody’s short-term debt concerns

Beltone, expects that Egypt to continue the current trend depending on the external debt market to benefit from restoring investor’s confidence, according to a research note released by the firm. The note indicates that despite the current improvement in economic indicators, local currency deposits for new T-bills only cover 35% of the budget deficit in …

Daily News Egypt

IMF completes Egypt’s third review mission, agrees to disbursement of $2bn instalment

The International Monetary Fund (IMF) delegation has reached a staff-level agreement—subject to approval by the IMF’s Executive Board—on the second $2b tranche disbursement of the $12bn loan, bringing total disbursements under the programme to $8bn. The agreement came after the fund’s third review of Egypt’s economic reform programme during the delegation’s visit to Cairo from …

Mohamed Samir

S&P’s upgrade of credit rating confirms Egypt is on right path: El-Garhy

Minister of Finance Amr El-Garhy welcomed the Friday decision of Standard & Poor’s (S&P) to raise Egypt’s credit rating to B from B-, stressing that this step confirms that the state is on the right path and asserts confidence in the Egyptian economic reform programme. El-Garhy added that the decision will contribute to attracting more …

Mohamed Samir

Egypt’s economic outlook improves backed by PMI improvement, inflation decline, Zohr gas field: FocusEconomics

Egypt’s economy appears to be in good shape approaching the end of this fiscal year (FY), backed by improvements in non-oil private sector business conditions in the purchasing managers index (PMI), upward trend of foreign reserves, decline in inflation rates, and doubling the Zohr gas field’s output capacity, according to FocusEconomics’ Consensus Forecast Middle East …

Mohamed Samir