{"id":567597,"date":"2020-12-01T03:59:35","date_gmt":"2020-12-01T03:59:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/01\/the-pandemic-hasnt-been-kind-to-our-current-account\/"},"modified":"2020-12-01T03:59:35","modified_gmt":"2020-12-01T03:59:35","slug":"the-pandemic-hasnt-been-kind-to-our-current-account","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/01\/the-pandemic-hasnt-been-kind-to-our-current-account\/","title":{"rendered":"The pandemic hasn\u2019t been kind to our current account"},"content":{"rendered":"

<\/a> The pandemic hasn\u2019t been kind to Egypt\u2019s current account:<\/strong> 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<\/a> calculations of central bank figures (pdf)<\/a> released yesterday.<\/p>\n

Tourism revenues nosedived. <\/strong>Revenues collapsed by more than 90% to just USD 305 mn, having brought in USD 3.18 bn in 4Q FY2018-2019. The industry came to a near standstill in the fourth quarter of the government\u2019s fiscal year as international flights were grounded to prevent the spread of the virus. The Tourism Ministry said last month<\/a> that the sector has brought in just USD 80-150 mn each month on average this year, a 85-92% drop from the USD 1 bn average last year.<\/p>\n

Trade deficit widens despite hefty fall in imports:<\/strong> Falling exports resulted in the trade deficit widening to USD 8.41 bn from USD 8.29 bn during the quarter, even as imports dropped by 12% to USD 13.83 bn. Exports fell almost 30% y-o-y to USD 5.42 bn from USD 7.58 bn in 4Q FY2018-2019 thanks to the global economic slowdown.<\/p>\n

Remittances slid during the quarter:<\/strong> Egyptian expats sent USD 6.21 bn back home during the three-month period, down 10% from the USD 6.94 bn in 4Q FY2018-2019. Many Egyptians are employed in Gulf Arab states, where oil revenues have declined.<\/p>\n

Suez Canal revenues fell slightly <\/strong>to USD 1.34 bn from USD 1.46 bn in 4Q FY2018-2019, as the pandemic took its toll on global trade.<\/p>\n

The capital account wasn\u2019t spared either: <\/strong>Net foreign direct investment (FDI) fell to USD 1.52 bn from USD 1.71 bn during the quarter, after being on the uptick in the first half of the year,increasing by nearly 20% to USD 5 bn<\/a>. Net portfolio investment tanked almost 80% to USD 636.8 mn from USD 3.18 bn the year before as investors scurried to pull their money out of emerging markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 bank figures (pdf) released yesterday. […]<\/p>\n","protected":false},"author":1,"featured_media":567598,"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":[10208],"tags":[4266,104,72,103,7103,238,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dept-of-the-obvious","tag-dept-of-the-obvious","tag-economy","tag-enterpriseam","tag-fdi","tag-suez-canal","tag-tourism","tag-trade","wpautop","entry"],"acf":{"mongo_id":"d28cf123-7ea0-43f5-a2cb-cb815e16b3db","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/17.jpg","photo_position":"above","related_issue":[567589],"teaser":"","voice_url":""},"yoast_head":"\nThe pandemic hasn\u2019t been kind to our current account - 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\/2020\/12\/01\/the-pandemic-hasnt-been-kind-to-our-current-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The pandemic hasn\u2019t been kind to our current account\" \/>\n<meta property=\"og:description\" content=\"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 bank figures (pdf) released yesterday. 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pressures.","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\/2\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556219,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/egypts-balance-of-payments-flips-to-surplus-in-2020-2021-current-account-deficit-rises\/","url_meta":{"origin":567597,"position":1},"title":"Egypt\u2019s balance of payments flips to surplus in 2020-2021, current account deficit rises","author":"enterpriseam admin","date":"17 October 2021","format":false,"excerpt":"Egypt\u2019s balance of payments flipped to a surplus of USD 1.9 bn in the state fiscal year ending 30 June 2021, compared with a deficit of USD 8.6 bn in the previous fiscal year, when the early days of the covid-19 pandemic wiped out tourism and slowed global trade. \u201cThis\u2026","rel":"","context":"In 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"Economy"","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":563404,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/egypts-current-account-deficit-doubles-in-3q2020-2021\/","url_meta":{"origin":567597,"position":3},"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 "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":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":567597,"position":4},"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":561576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/current-account-deficit-widens-to-usd-4-8-bn-in-2q2020-2021\/","url_meta":{"origin":567597,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567597","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=567597"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567597\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567598"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567597"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567597"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}