{"id":563404,"date":"2021-06-30T04:00:00","date_gmt":"2021-06-30T04:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/egypts-current-account-deficit-doubles-in-3q2020-2021\/"},"modified":"2021-06-30T04:00:00","modified_gmt":"2021-06-30T04:00:00","slug":"egypts-current-account-deficit-doubles-in-3q2020-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/egypts-current-account-deficit-doubles-in-3q2020-2021\/","title":{"rendered":"Egypt\u2019s current account deficit doubles in 3Q2020-2021"},"content":{"rendered":"

<\/a> Egypt\u2019s current account deficit more than doubled to USD 5.7 bn in 3Q2020-2021<\/strong>, from USD 2.8 bn<\/a> in the same period last year, according to our math based on central bank figures (pdf)<\/a> released last night. On a quarterly basis the deficit widened almost 20% from USD 4.8 bn<\/a> in 2Q2020-2021.<\/p>\n

Keep in mind as you read: The state\u2019s third quarter covers the period January through March. <\/strong>So in 3Q2019-2020, we had just over two months of \u201cnormal\u201d economic activity before tourism (and plenty more) fell off the cliff with the onset of the pandemic.<\/p>\n

Trade deficit widens, despite rising exports:<\/strong> Egypt\u2019s trade deficit widened by 20% in 3Q2020-2021 compared to the same period the previous year, despite non-oil exports rising 20% to USD 5.3 bn. The deficit ended the quarter at USD 11.4 bn compared to USD 9.3 bn last year.<\/p>\n

This was driven primarily by a jump in non-oil imports:<\/strong> Egypt spent USD 16.9 bn on non-oil imports during the three-month period, up 23% from USD 13.7 bn last year. This resulted in the non-oil trade deficit widening by almost 25% to USD 11.6 bn.<\/p>\n

Tourism revenues were much lower compared to 3Q2019-2020:<\/strong> The comparative quarter had two full months of normal activity before the government suspended international flights towards the end of March 2020. That ensured tourism revenues were higher last year, as Egypt received USD 1.3 bn in revenues in 3Q2020-2021, down more than 40% from USD 2.3 bn in the same period last year.<\/p>\n

But there were signs of recovery on a quarter-on-quarter basis:<\/strong> Revenues in 3Q rose 32% from the USD 987 mn that flowed into the tourism sector in 2Q.<\/p>\n

Remittances were basically flat in 3Q:<\/strong> Remittances from foreign workers \u2014 another vital source of hard currency for Egypt \u2014 fell by a marginal 0.2% from USD 7.87 bn in 3Q2019-2020.<\/p>\n

As were Suez Canal revenues<\/strong>, which increased marginally y-o-y to USD 1.45 bn.<\/p>\n

Things are looking much better on the capital account side of things:<\/strong> Egypt received USD 1.4 bn of foreign direct investment during 3Q<\/strong>, up 47% from just USD 970 mn in the same period last year. Net inflows of portfolio investment rose to USD 5.8 bn<\/strong> during the quarter. This compares to the same period last year, which saw USD 8.2 bn of net portfolio outflows. 3Q2019-2020 coincided with the beginning of the global market crash and the emerging-market sell-off that occurred in March through May in response to the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 2Q2020-2021. Keep in mind as […]<\/p>\n","protected":false},"author":1,"featured_media":563405,"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":[104,72,103,125,3330,7103,238,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-fdi","tag-investment-watch","tag-portfolio-investment","tag-suez-canal","tag-tourism","tag-trade","wpautop","entry"],"acf":{"mongo_id":"69b5fd04-ec7b-4ebb-b3c5-8276b5ef7a5d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/376.jpg","photo_position":"above","related_issue":[563400],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s current account deficit doubles in 3Q2020-2021 - 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\/06\/30\/egypts-current-account-deficit-doubles-in-3q2020-2021\/\" \/>\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 doubles in 3Q2020-2021\" \/>\n<meta property=\"og:description\" content=\"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. 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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 "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":559683,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/egypts-current-account-deficit-widens-to-usd-2-8-bn-tourism-revenues-mount-slow-recovery\/","url_meta":{"origin":563404,"position":2},"title":"Egypt\u2019s current account deficit widens to USD 2.8 bn + tourism revenues mount slow recovery","author":"enterpriseam admin","date":"1 February 2021","format":false,"excerpt":"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,\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\/2\/20.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548379,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/outflows-commodity-price-shock-hit-current-account-in-3q-2021-2022\/","url_meta":{"origin":563404,"position":3},"title":"Outflows, commodity price shock hit current account in 3Q 2021-2022","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"Egypt\u2019s current account deficit widened more than 2% to USD 5.79 bn in 3Q 2021-2022, as capital outflows and surging commodity prices put pressure on the country\u2019s external position, according to central bank figures (pdf) released Thursday showed. An exodus of foreign investors fuelled by the war in Ukraine and\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\/2022\/8\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593511,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/current-account-deficit-widens-to-usd-8-2-bn-in-fy-2018-2019\/","url_meta":{"origin":563404,"position":4},"title":"Current account deficit widens to USD 8.2 bn in FY 2018-2019","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"Egypt\u2019s current account deficit widened to USD 8.2 bn in FY 2018-2019, up from USD 6 bn the previous year, according to central bank figures (pdf). Rising imports and a dip in remittances caused the current account to fall further into the red, despite the oil balance turning a surplus\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\/9\/2059.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/egypts-budget-deficit-down-remittances-up\/","url_meta":{"origin":563404,"position":5},"title":"Egypt\u2019s budget deficit down, remittances up","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to EGP 134.9 bn, equivalent to 2.1% of GDP in 1Q2020-2021 compared to 2.3% during the same period last year, according to a Finance Ministry report (pdf). The report attributes the narrowing deficit to an 18.4% y-o-y uptick in state revenues to EGP 204.7 bn, which\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563404","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=563404"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563404\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563405"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563404"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563404"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}