{"id":579369,"date":"2023-02-05T04:00:38","date_gmt":"2023-02-05T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/"},"modified":"2023-02-05T04:00:38","modified_gmt":"2023-02-05T04:00:38","slug":"current-account-deficit-narrows-20-in-1q-2022-23","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/","title":{"rendered":"Current account deficit narrows 20% in 1Q 2022-23"},"content":{"rendered":"

<\/a> Egypt\u2019s current account deficit narrowed by 20% to USD 3.2 bn in 1Q 2022-23 <\/strong>on the back of higher FDI, exports and tourism revenues, according to central bank figures (pdf)<\/a> out Thursday.<\/p>\n

KEY DRIVERS OF THE IMPROVEMENT-<\/strong><\/p>\n

#1- A surge in FDI makes up for hot money outflows: <\/strong>Net FDI inflows doubled to hit USD 3.3 bn, driven by USD 1 bn in sales of local entities to foreign investors and USD 1 bn of investment in existing companies.<\/p>\n

#2- A tourism rebound:<\/strong> Tourism revenues surged more than 43% y-o-y to USD 4.1 bn in the first quarter of the current fiscal year. This was driven by a more than 50% increase in arrivals, which totalled 3.4 mn during the three-month period, the central bank said.<\/p>\n

Expect that to continue this year:<\/strong> Fitch Solutions is projecting annual revenues to reach a record USD 13.6 bn<\/a> this year as 11.6 mn tourists flock to the country.<\/p>\n

#3- More exports, fewer imports: <\/strong>The trade deficit narrowed to USD 9.1 bn, down 18% from the same period last year. This was the result of a 13% increase in exports \u2014 driven mostly by the oil sector \u2014 and a 4% drop in imports. Non-oil imports were down almost 10% y-o-y due to the central bank\u2019s move to curb imports while oil imports rose by more than a quarter.<\/p>\n

REMEMBER- <\/strong>Now-scrapped restrictions<\/a> brought in by the CBE amid the FX crunch last year had stymied the import of all but the most essential goods, causing a backlog at ports that has only in recent weeks been cleared.<\/p>\n

#4- Suez Canal receipts rose 19% to USD 2.0 bn <\/strong>in the July-September period, driven by a 14% increase in the tonnage of goods transiting the canal, the central bank said.<\/p>\n

OFFSETTING THE IMPROVEMENT-<\/strong><\/p>\n

#1- Portfolio flows continued to leave the country:<\/strong> Foreign investors pulled almost USD 2.2 bn from Egypt during the quarter as the war in Ukraine and interest rate hikes by global central banks drew funds away from emerging markets. Egypt saw USD 3.6 bn of inflows in the same period a year earlier.<\/p>\n

On the bright side: The rate of outflows is slowing.<\/strong> Almost USD 15 bn left the country in 3Q 2022-2023 and more than USD 3.7 bn in 4Q.<\/p>\n

#2- Remittances were down:<\/strong> The amount of foreign remittances entering the country fell more than 20% to USD 6.4 bn during the July-September period.<\/p>\n

Continuing the trend: <\/strong>Egypt\u2019s current account deficit narrowed by 10%<\/a> to USD 16.6 bn in FY 2021-2022, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI. The government is aiming to reduce the current account deficit to 2% of GDP<\/a> over the medium term.<\/p>\n","protected":false},"excerpt":{"rendered":"

Higher FDI, exports and tourism revenues are easing balance of payments pressures.<\/p>\n","protected":false},"author":1,"featured_media":579370,"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":[104,72,103,3330,2396,7103,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-fdi","tag-portfolio-investment","tag-remittances","tag-suez-canal","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"22b06fff-11f8-4f9a-9e59-2a5803beae53","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/68.jpg","photo_position":"above","homepage_title":"Current account deficit narrows 20% in 1Q 22-23","related_issue":[579362],"teaser":"Higher FDI, exports and tourism revenues are easing balance of payments pressures."},"yoast_head":"\nCurrent account deficit narrows 20% in 1Q 2022-23 - 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The deficit also narrowed 5% on a quarterly basis from USD 4 bn in 1Q.Thank tourism revenues 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\/4\/287.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":579369,"position":1},"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":579369,"position":2},"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":592101,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/egypts-current-account-deficit-narrows-fdi-more-than-doubles-in-1q2019-2020\/","url_meta":{"origin":579369,"position":3},"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":549947,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/current-account-narrows-in-fy-2021-2022-despite-turbulence\/","url_meta":{"origin":579369,"position":4},"title":"Current account narrows in FY 2021-2022 despite turbulence","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"Egypt\u2019s current account deficit narrowed by 10.2% to USD 16.6 bn in FY 2021-2022, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI, according to central bank figures (pdf) released Thursday. \u201cThese developments came despite the decline in global economic activity triggered by the Russian-Ukrainian\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\/10\/153.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":579369,"position":5},"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 "Economy"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579369","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=579369"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579369\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579370"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579369"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579369"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}