{"id":559683,"date":"2021-02-01T04:06:47","date_gmt":"2021-02-01T04:06:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/egypts-current-account-deficit-widens-to-usd-2-8-bn-tourism-revenues-mount-slow-recovery\/"},"modified":"2021-02-01T04:06:47","modified_gmt":"2021-02-01T04:06:47","slug":"egypts-current-account-deficit-widens-to-usd-2-8-bn-tourism-revenues-mount-slow-recovery","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/egypts-current-account-deficit-widens-to-usd-2-8-bn-tourism-revenues-mount-slow-recovery\/","title":{"rendered":"Egypt\u2019s current account deficit widens to USD 2.8 bn + tourism revenues mount slow recovery"},"content":{"rendered":"

<\/a> Egypt\u2019s current account deficit doubled y-o-y in the first quarter of FY2020-2021 to USD 2.8 bn<\/strong>, from the USD 1.4 bn recorded in 1Q2019-2020, the central bank said in a statement (pdf)<\/a>. On a quarterly basis, the account deficit shrank 27.2% from USD 3.8 bn in 4Q2019-2020.<\/p>\n

Tourism revenues still plunged, but are slowly getting better: <\/strong>The sector scraped together USD 0.8 bn in revenues from July through September 2020, compared to USD 4.2 bn over the same period in 2019. This is a 162% increase from the meagre USD 305 mn registered the previous quarter with the grounding of international commercial flights to stop the spread of covid-19. Transport receipts also took a USD 524.5 mn y-o-y hit off the back of the struggling aviation industry, with bringing in only USD 1.7 bn during the quarter.<\/p>\n

Trade deficit widened: <\/strong>The non-oil trade deficit widened to USD 8.7 bn, from USD 8.2 bn in 1Q2019-2020, due to non-oil and non-raw material imports rising 4.1% y-o-y to USD 13.4 bn, compared to USD 12.9 bn.<\/p>\n

Suez Canal revenues dipped to USD 1.38 bn<\/strong> from USD 1.5 bn in 1Q2019-2020, though the figure was a slight improvement from the USD 1.34 bn recorded in the previous quarter.<\/p>\n

Meanwhile, foreign direct investment decreased 31.8% y-o-y to USD 1.6 bn<\/strong> from USD 2.4 bn, due to net outflows of USD 75.3 mn from the oil and gas sector, a USD 55.6 mn drop in non-oil investments, and the contraction of greenfield investment inflows by USD 27.7 mn. The CBE also cited a drop in real estate purchases from non-Egyptians during the quarter.<\/p>\n

On the bright side, remittances are looking up:<\/strong> Egyptian expats sent USD 8 bn back during the first three months of the fiscal year, up 19.6% y-o-y from USD 6.7 bn, and up from the USD 6.2 bn recorded the previous quarter.<\/p>\n

And portfolio investments turned positive<\/strong>, recording net inflows of USD 6.7 bn compared to outflows of USD 2 bn during 1Q2019-2020. Overall, the capital and financial account witnessed net inflows of USD 3.9 bn, compared to USD 657.9 mn for the same quarter the year prior.<\/p>\n

The overall balance of payments registered an improvement from the previous quarter<\/strong>, coming in at a deficit of USD 69.2 mn compared to a deficit of USD 3.5 bn in 4Q2019-2020. The BoP still hasn\u2019t recovered to its 1Q2019-2020 performance, when it recorded a surplus of USD 227 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s current account deficit doubled y-o-y in the first quarter of FY2020-2021 to USD 2.8 bn, from the USD 1.4 bn recorded in 1Q2019-2020, the central bank said in a statement (pdf). On a quarterly basis, the account deficit shrank 27.2% from USD 3.8 bn in 4Q2019-2020. Tourism revenues still plunged, but are slowly getting […]<\/p>\n","protected":false},"author":1,"featured_media":559684,"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":[104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"a80efc38-b49b-4f60-906a-1d118896b74b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/20.jpg","photo_position":"above","related_issue":[559677],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s current account deficit widens to USD 2.8 bn + tourism revenues mount slow recovery - 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\/2021\/02\/01\/egypts-current-account-deficit-widens-to-usd-2-8-bn-tourism-revenues-mount-slow-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s current account deficit widens to USD 2.8 bn + tourism revenues mount slow recovery\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s current account deficit doubled y-o-y in the first quarter of FY2020-2021 to USD 2.8 bn, from the USD 1.4 bn recorded in 1Q2019-2020, the central bank said in a statement (pdf). 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On a quarterly basis the deficit widened almost 20% from USD 4.8 bn in\u2026","rel":"","context":"In "Economy"","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":[]},{"id":592101,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/egypts-current-account-deficit-narrows-fdi-more-than-doubles-in-1q2019-2020\/","url_meta":{"origin":559683,"position":1},"title":"Egypt\u2019s current account deficit narrows, FDI more than doubles in 1Q2019-2020","author":"enterpriseam admin","date":"26 December 2019","format":false,"excerpt":"Current account deficit narrows, FDI more than doubles in 1Q2019-2020: The current account deficit decreased 31% y-oy in the first quarter of the government\u2019s new fiscal year to USD 1.382 bn from USD 2.012 bn the previous year, according to a central bank report (pdf). The non-oil trade deficit also\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567597,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/01\/the-pandemic-hasnt-been-kind-to-our-current-account\/","url_meta":{"origin":559683,"position":2},"title":"The pandemic hasn\u2019t been kind to our current account","author":"enterpriseam admin","date":"1 December 2020","format":false,"excerpt":"The pandemic hasn\u2019t been kind to Egypt\u2019s current account: Egypt\u2019s current account deficit more than tripled to USD 3.83 bn in 4Q FY2019-2020 from USD 1.09 bn the year before as the pandemic dealt a heavy blow to the country\u2019s sources of hard currency, according to Reuters\u2019 calculations of central\u2026","rel":"","context":"In "DEPT. 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OF THE OBVIOUS","link":"https:\/\/enterpriseam.com\/egypt\/category\/dept-of-the-obvious\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/17.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":559683,"position":3},"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 "Economy"","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":561576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/current-account-deficit-widens-to-usd-4-8-bn-in-2q2020-2021\/","url_meta":{"origin":559683,"position":4},"title":"Current account deficit widens to USD 4.8 bn in 2Q2020-2021","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"Egypt\u2019s current account deficit widened to USD 4.8 bn in 2Q2020-2021, from USD 3.2 bn in the same period last year, according to our math based on central bank figures (pdf) released last night. The deficit grew 74% on a quarterly basis from USD 2.8 bn in 1Q. Drop-off in\u2026","rel":"","context":"In "Economy"","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":573290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/","url_meta":{"origin":559683,"position":5},"title":"Rising remittances curb current account deficit in 3Q2019-2020","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Rising remittances curb current account deficit in 3Q2019-2020: A rise in foreign remittances helped Egypt\u2019s current account shrug off the effects of the covid-19 pandemic during 3Q FY2019-2020, narrowing the deficit markedly to USD 2.8 bn from USD 4.5 bn a year earlier, according to official data (pdf) released by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/222.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\/559683","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=559683"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559683\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559677"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559684"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559683"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559683"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}