{"id":618018,"date":"2024-04-01T00:00:00","date_gmt":"2024-04-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/01\/this-evening-egypts-economy-slowed-down-in-2q-fy-2023-2024\/"},"modified":"2024-04-01T00:00:00","modified_gmt":"2024-04-01T00:00:00","slug":"this-evening-egypts-economy-slowed-down-in-2q-fy-2023-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/01\/this-evening-egypts-economy-slowed-down-in-2q-fy-2023-2024\/","title":{"rendered":"THIS EVENING: Egypt\u2019s economy slowed down in 2Q FY 2023-2024"},"content":{"rendered":"

Good afternoon folks, and happy Monday. <\/strong>We have some fresh economic updates to unpack as we start the second day of this relatively hot week. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Egypt\u2019s GDP growth slowed to 2.3% in 2Q 2023-24<\/strong>, down from 2.65% in 1Q 2023-24 and 3.9% during the same period last year, according to Planning Ministry figures carried by Al Masry Al Youm<\/a>.<\/p>\n

Refresher:<\/strong> The Madbouly government had penciled in GDP growth at a 3.5%<\/a>clip<\/a> in the fiscal year ending June 2024, which is on par with projections from both S&P Global Ratings<\/a> and the World Bank<\/a>. The IMF is slightly less optimistic, forecasting Egypt\u2019s GDP growth for the current fiscal year at 3%<\/a>.<\/p>\n

On the external debt front:<\/strong> The Planning Ministry data showed the country\u2019s external debt for 2Q 2023-2024 inched up by USD 3.51 bn to some USD 168 bn. This figure could fall after the landmark USD 35 bn Ras El Hekma agreement<\/a>, which includes USD 11 bn<\/a> of UAE deposits with the Central Bank of Egypt that will be written off our debts ledger. <\/p>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

It\u2019s all eyes on Erdogan\u2019s electoral blow in the foreign press: <\/strong>Turkish President Recep Tayyip Erdogan and his Justice and Development Party (AKP) suffered their biggest defeat in the local elections today as the opposition landed a sweeping victory across several major cities. Ekrem Imamoglu came ahead by 10 percentage points in the megacity of Istanbul, where he is mayor, early results showed. His Republican People\u2019s Party (CHP), meanwhile, retained Ankara and secured 15 other mayoral seats across the country. Erdogan\u2019s defeat \u2014 his worst since he rose to power more than two decades ago \u2014 comes amid rising dissatisfaction with rampant inflation and soaring borrowing costs as well as discontent from Islamist voters. (Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Associated Press<\/a> | CNBC<\/a>)<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n