{"id":545903,"date":"2022-04-17T04:12:49","date_gmt":"2022-04-17T04:12:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/"},"modified":"2022-04-17T04:12:49","modified_gmt":"2022-04-17T04:12:49","slug":"current-account-deficit-narrows-in-2q-2021-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/","title":{"rendered":"Current account deficit narrows in 2Q 2021-2022"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Egypt\u2019s current account deficit narrowed to<\/strong><strong> USD 3.8 bn<\/strong><strong> in 2Q 2021-2022<\/strong>, from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7042bbd-cedd-44cb-aefb-6ea18b372cd4\">USD<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7042bbd-cedd-44cb-aefb-6ea18b372cd4\">4.8 bn<\/a> in the same period last year, calculating on the basis of <a href=\"https:\/\/ent.news\/2022\/4\/Press-Release-Balance-of-Payments-Performance-in-the-First-Half-of-FY-2021-2022-2.pdf\">central bank figures (pdf)<\/a> released Thursday. The deficit also narrowed 5% on a quarterly basis from USD 4 bn in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c1c9d-abc4-459a-8433-27aaaacaa0fd\">1Q<\/a>.<\/p>\n<p><strong>Thank tourism revenues and solid Suez Canal receipts: <\/strong>\u201cPositive factors\u201d contributing to the narrowing of the deficit included:<\/p>\n<ul>\n<li><strong>Tourism revenues more than tripled <\/strong>to USD 3 bn, rising 7.1% on a quarterly basis;<\/li>\n<li><strong>Suez Canal receipts rose almost 13% <\/strong>y-o-y to USD 1.7 bn, remaining stable on a quarterly basis.<\/li>\n<\/ul>\n<p><strong>The trade deficit remained unchanged from a year ago at around <\/strong><strong>USD 10.7 bn<\/strong> and narrowed slightly on a quarterly basis from USD 11.1 bn. This came as exports and imports both rose, thanks in large part to the global spike in fuel and food prices:<\/p>\n<ul>\n<li><strong>Exports rose almost 80<\/strong><strong>% y-o-y to USD 11.8 bn<\/strong>, up 34.1% on a quarterly basis. <\/li>\n<li><strong>Imports rose <\/strong><strong>30% y-o-y to USD 22.5 bn<\/strong>, up 13% on 1Q. <\/li>\n<\/ul>\n<p><strong>FDI declined on an annual and a quarterly basis:<\/strong> Inflows amounted to USD 1.6 bn during 2Q, down from USD 1.75 bn in the same quarter last year and USD 1.7 bn in 1Q. Portfolio flows saw a sharp reversal during the final quarter, registering USD 6.1 bn in net outflows compared to USD 3.5 bn in net inflows in 2Q 2021, and USD 3.6 bn in net inflows the previous quarter.<\/p>\n<p><strong>Remittances came in at <\/strong><strong>USD 7.4 bn<\/strong>, down marginally y-o-y and falling some 8.7% on a quarterly basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s current account deficit narrowed to USD 3.8 bn in 2Q 2021-2022, from USD4.8 bn in the same period last year, calculating on the basis of central bank figures (pdf) released Thursday. The deficit also narrowed 5% on a quarterly basis from USD 4 bn in 1Q. Thank tourism revenues and solid Suez Canal receipts: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":545904,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,104,72,103,7103,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-fdi","tag-suez-canal","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"068fdc8e-f0e1-4a03-b8dc-42fed7ad7ffc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/287.jpg","photo_position":"above","related_issue":[545895],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Current account deficit narrows in 2Q 2021-2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Current account deficit narrows in 2Q 2021-2022\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s current account deficit narrowed to USD 3.8 bn in 2Q 2021-2022, from USD4.8 bn in the same period last year, calculating on the basis of central bank figures (pdf) released Thursday. The deficit also narrowed 5% on a quarterly basis from USD 4 bn in 1Q. Thank tourism revenues and solid Suez Canal receipts: [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-17T04:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/287.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Current account deficit narrows in 2Q 2021-2022\",\"datePublished\":\"2022-04-17T04:12:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/\"},\"wordCount\":244,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/287.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"economy\",\"EnterpriseAM\",\"FDI\",\"Suez Canal\",\"tourism\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/current-account-deficit-narrows-in-2q-2021-2022\/\",\"name\":\"Current account deficit narrows in 2Q 2021-2022 - 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The deficit grew 74% on a quarterly basis from USD 2.8 bn in 1Q. Drop-off in\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/129.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607643,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/current-account-surplus-in-4q-as-imports-fall-tourism-revenues-rise\/","url_meta":{"origin":545903,"position":1},"title":"Current account surplus in 4Q as imports fall, tourism revenues rise","author":"enterpriseam admin","date":"8 October 2023","format":false,"excerpt":"Egypt generated record revenues from tourism and the Suez Canal during the fiscal year","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/335.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590812,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/current-account-deficit-narrows-in-3q-2022-23\/","url_meta":{"origin":545903,"position":2},"title":"Current account deficit narrows in 3Q 2022-23","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"Current account deficit reaches USD 3.5 bn","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1042.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586109,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/egypts-current-account-enters-the-black-for-the-first-time-since-2014\/","url_meta":{"origin":545903,"position":3},"title":"Egypt\u2019s current account enters the black for the first time since 2014","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Thank import curbs, which narrowed the country\u2019s trade deficit to 12-year lows","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/265.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579369,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/","url_meta":{"origin":545903,"position":4},"title":"Current account deficit narrows 20% in 1Q 2022-23","author":"enterpriseam admin","date":"5 February 2023","format":false,"excerpt":"Higher FDI, exports and tourism revenues are easing balance of payments pressures.","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563404,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/egypts-current-account-deficit-doubles-in-3q2020-2021\/","url_meta":{"origin":545903,"position":5},"title":"Egypt\u2019s current account deficit doubles in 3Q2020-2021","author":"enterpriseam admin","date":"30 June 2021","format":false,"excerpt":"Egypt\u2019s current account deficit more than doubled to USD 5.7 bn in 3Q2020-2021, from USD 2.8 bn in the same period last year, according to our math based on central bank figures (pdf) released last night. On a quarterly basis the deficit widened almost 20% from USD 4.8 bn in\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545903"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545903\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545904"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545903"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545903"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}