egyptian economy today

CAIRO: Egyptian Finance Minister Mohamed Maait said the country was reaching positive growth rates, calling it a great achievement in light of the global conditions brought on by the coronavirus pandemic. The Old and the New in Egyptian Civil-Military Relations, Belarusian private sector to step up presence in free economic zones in Egypt, Arab billionaires’ fortunes jump $11bn despite the pandemic - Forbes, Banque Misr, NBE acquire 40% of stocks of Western Union’s unit in Egypt, Egypt invests EGP 105m to develop power grids in 5 governorates, Zed Sports acquires majority stake in FC Masr, Egypt establishes 32% of COMESA’s projects in 7 months, Egypt establishes 32% of COMESA’s projects in 7M, Egypt’s stock market main index EGX 30 advances 0.65% on Wednesday, Egypt’s central bank to set up digital infrastructure firm to support financial inclusion, Hotel occupancy rates in Egypt fall sharply due to pandemic, Colliers, Egypt establishes big new rail company to localise production of locomotives, 5th Aqarmap Online Expo 2020 start, 15 real estate developers participate, Pioneers Holding’s extraordinary meeting agrees to split into 3 firms, Egypt's economy minister named best in Arab world for female workforce plan, Egypt on the move: Modernizing the transport network, Tenders to mine in Egypt: Golden opportunities, Airlines to record $157bn losses in 2020, 2021 - IATA, New opportunities for China-Egypt collaboration, Elon Musk becomes world's second-richest person, Sarwa Capital participates in The Egypt Entrepreneurship Summit in Aswan, A consortium of 4 Egyptian contractors awarded new contract for Cairo Metro Line 4, Egyptian Exchange leads COMESA in attracting foreign investments, Orascom-Mitsubishi consortium signs $800m contract for Cairo Metro Line 4, Egypt assigns EGP 5.7bn investments for Beheira in FY20/21, Israel And Saudi Arabia Could Derail Biden’s Middle East Plans, Egypt’s economy sees 2.5% growth as momentum to continue into 2021 – HSBC, AstraZeneca-Oxford COVID-19 vaccine can be 90% effective, Egypt expects to receive second tranche of IMF loan in Dec. – finmin, Egypt’s stock market closes higher, EGX 30 adds 0.25% on Monday, EBRD lends $700 mln to help Egyptian SME businesses, Renaissance Capital sees Egypt’s GDP at 3.5% in 2020, 2.8% in 2021, 5% in 2022, Egypt’s Banque du Caire plans to resume IPO still ‘premature’ – sources, Germany’s services sector affected by COVID-19 lockdown: PMI, EFG Hermes, SFE to complete due diligence on AIB in February -sources, Orascom Development inks $265m loan deal with four banks, International Energy Agency tailors a plan for post COVID-19, Egypt-Kenya bilateral trade hits $303m in H1-20, Credit Suisse sees positive outlook for Egypt stock market, Egypt’s stock market end mixed, EGX 30 falls 0.37% on Sunday, Orascom Investment Holding sees much lower losses in 9M, EGX changes how it calculates closing share prices, A tourism village construction firm, Remco in talks over EGP 3.3bn syndicated loan. Press My Cart ArabFinance: The Egyptian economy is expected to grow by a subdued 3.3% during fiscal year (FY) 2020/2021, according to a Reuters ’ poll based on 20 economists. The economy of Egypt is based on several industry endeavors. But everyone agrees it is growing. Economic Indicators for Egypt including actual values, historical data charts, an economic calendar, time-series statistics, business news, long term forecasts and short-term predictions for Egypt economy. Domestic demand and foreign inflows will take a hit, with the economy and external finances weakening in 2020/21 but growth recovering to about 5% thereafter. Coptic Christians comprise most of … Italian Institute for International Political Studies, By clicking "OK" or continuing to use this site, you agree that we may collect and use your personal data and set The First Dynasty kings established a strong central government at their capital of Memphis and a bureaucracy soon developed which handled the details of running the country, including … CAIRO: Egyptian tourism revenues have declined by 21.6 percent during the last fiscal year due to the coronavirus pandemic, the country’s central bank has said. Egypt’s economic growth has been robust, averaging 5.3 percent in FY2017/18; a rate that was sustained through Q1-FY2018/19, driven by an expansion in the gas extractives, tourism, manufacturing, construction and ICT sectors. Covid-19 Economic Impact Assessments. We will not share your email address with any third parties. Twitter Entrepreneurialism is non-existent. Stay on top of Egypt latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. All rights reserved. Twitter An Egyptian economy that was ailing when President Mohammed Morsi took power a year ago has since tumbled under his leadership and is at the root of … cookies to improve your experience and customise advertising. Factionalism in the Security Sector: The Dawn of a New Order? The economy depends heavily on agriculture, tourism, and cash remittances from Egyptians working abroad, mainly in Saudi Arabia and the Gulf countries. The economy embarked on various stages of development during which the public and private sectors played roles varying in relative importance as follows: Please ensure your password has at least 8 characters, an uppercase and a lowercase letter, and a number or symbol. The economy depends heavily on agriculture, tourism, and cash remittances from Egyptians working abroad, mainly in Saudi Arabia and the Gulf countries. The textile industry, for … The Egyptian economy, which had previously shown resilience to the global financial … We are sorry, but the email address you entered does not appear to be valid. Transparency International has suggested the figure could be as high as 60 percent. An existing account was found for this email address. Agriculture, hydrocarbons, manufacturing, tourism, and other service sectors drove the country’s relatively diverse economic activity. Daily News Egypt November 22, 2020 . Egypt’s woes begin with the country’s ailing economy. Since the 2011 revolution the Egyptian economy has gone from bad to worse. The textile industry, for … Unemployment peaked at … Client Log In, Facebook Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Nonetheless, the economy started to recover as of the financial year 2016-17, with growth forecast to have hit 5.6% in 2019, up from 5.3% a year earlier. Egypt is the most populous country in the Arab world and the third most populous country in … COVID-19: Egypt reports 365 new cases, 98 recoveries from 6 Hour. The growth would decline from the 5.9% the state had been aiming for before the COVID-19 … The ancient Egyptians had many jobs that they needed to keep the economy and that is many of the jobs we have today. | Egypt Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GDP, annual variation in %), Industrial Production (annual variation in %), Inflation Rate (CPI, annual variation in %, eop), Inflation Rate (CPI, annual variation in %), Egypt: Central Bank cuts rates by 50 basis points for second meeting running in November, Egypt: Inflation hits highest level since June in October, Egypt: PMI hits over five-year high in October, Egypt: GDP contracts for first time in nine years in Q4 of FY 2020. After several years marked by turbulence and uncertainty, Egypt’s economy encountered numerous challenges, from political unrest and declining tourism, to foreign currency and fuel shortages, which led the government to adopt an economic reform programme to improve Egypt’s public finances. It points to the expanding economy—a 5.6% rise in GDP last year gave Egypt the fastest growth in the Middle East. please read our, US Federal Reserves likely to cut interest rates in upcoming meeting: Egypt's central bank, Chairman of Egypt’s Safwan Thabet Juhayna Food Industries arrested, Egypt’s stock market slightly up, main index falls after Juhayna head arrest, Human Rights Watch urges IMF to demand Egyptian army's financial data, Egypt plans first factory to locally manufacture trains by beginning of 2021, Egyptian tourism records 21.6% decline, halting reform efforts, Egyptian minister hails reforms as public investment jumps 70%, Egypt’s stock market indices end mostly higher, EGX 30 dips 0.08% on Thursday, World Bank to provide $500 million loan to upgrade Egypt’s Imbaba-Alex railway, Egypt’s food company Juhayna appoints acting chairman after arrest of Safwan Thabet, Owners of the Republic: An Anatomy of Egypt's Military Economy, This Lebanese Bank Is Selling Its Subsidiary In Egypt, Biden not to immediately cancel Phase 1 deal with China, Juhayna’s stock slumps 6.4% after chairman’s arrest, Banque Misr lead arranger for EGP 2.5 bln Sawiris-led ZED West project, Pfizer-BioNTech COVID-19 vaccine authorised for use next week in UK, Egypt is one of 3 economies in MENA to achieve growth in 2020, minister, The Economic Working Group Co-Chairs call for a Libyan negotiated solution that addresses its deepening economic crisis, UAE Arabtec to file application for insolvent liquidation, Blom Bank negotiating with Bahrain’s Arab Banking Corp to sell Egyptian unit, Marakez opens new mall in Egypt, Carrefour Egypt amongfirst retail outlets, Egypt’s capital inflows fell by half in FY2019/20, CBE, Eni signs deals to reopen Damietta LNG plant by Q1-21, Netanyahu Plans Visit to Egypt, Seeks Engaging in Regional Programs With Palestinians, TAQA Arabia won’t be making its EGX debut in the near future, Egypt’s stock market indices close higher, EGX 30 hikes 0.89% on Tuesday, Egypt’s Polaris awaits licenses to start second phase of Bosla industrial complex, SANAD provides first Tier II capital in Egypt to Banque du Caire, Egypt expects US$1.6 billion IMF loan by the end of December: Minister, Egypt’s capital inflows fell by half in FY2019/20 amid coronavirus pandemic: CBE, Egypt will raise local components of locomotive industry to 45%, official, Egypt’s manufacturing index rises 1.6% in September, Bechtel eyes a master contract for Cairo’s sixth Metro line, Reuters, Egypt’s current account deficit jumps in April-June, Egypt Finance Minister Expects Disbursal Of $1.6bn Of IMF Funding By December-End, Egypt's finance minister expects disbursal of $1.6 billion of IMF funding by end-December, Egypt's current account deficit shoots up in April-June, Egypt's current account deficit widens to $11.2 billion in 2019/20, France’s AXA to sell Gulf operations to GIG for $269 million, Egypt’s stock market indices end mixed, EGX 30 tumbles 0.60% on Monday, Germany approves €80 million grant to Egypt as part of debt swap deal, Exports of chemical industries seen $4.153 bln in 10 months, Germany approves 80 million euro grant to Egypt, Egypt sees economic growth between 2.8-4% in FY2021/22 – minister, China official manufacturing PMI for November beats expectations, Revenues from tax represent over 80 percent of Egypt’s state budget, official, Sudan: Professor - GERD Has Economic and Social Importance in Sudan, Netanyahu preparing for an official visit to Egypt - report, Letter to IMF Executive Board Re: Transparency for Egypt's Military Firms, IMF: Demand Transparency for Egypt Military’s Firms, Egypt expects economic growth between 2.8 and 4% in 2021, Emirates NBD Egypt pre-tax profits at EGP 1.338 billion in 9 months, Egypt’s El Sewedy Electric 9-month net profit falls 30.5% amid coronavirus, Egypt’s stock market indices close higher, EGX 30 gains 0.26% on Sunday, Palm Hills closes its 5th EGP1.5bln securitisation bond, HSBC reportedly mulls exiting from U.S. retail banking, Egypt to e-link tax, customs, and real estate tax services by end-June 2020 – minister, Egypt’s chemical and fertilizer exports decline to US$4.15 billion over 10 months, NBE expects to acquire minority stakes in Aman for by December-end, reports, Philip Morris Misr says committed to delivering a smoke-free future, Amoun Pharma may be Saudi, Abu Dhabi Wealth Funds target, Tax revenues represent over 80 percent of Egypt’s state budget in Egypt: Official, Sudan inflation soars, raising spectre of hyperinflation, Egyptian party demands serious step to lift coercive measures imposed on Syria, Egypt’s state-owned Banque du Caire Q3 net profit at EGP 2.5 billion, France’s AFD, NBE sign €100 million credit facility agreement, Savills: Boom in global vaccine investment to benefit real estate investors in Middle East, Egypt’s exported 4.8 mln tons of agriculture products in 11M: Minister, Sarwa Capital closes its 1st ever EGP 2.5 billion sukuk issuance, The Army is Not the Winner in Border Battlefields, Sisi’s Egypt Moves from Military Economy to Family Firm. It is hard to quantify how much of Egypt’s economy is controlled by the army. Click on the button below to get started. Economic policy will focus initially on mitigating the fallout of the coronavirus, with fiscal consolidation set back, although reforms will be maintained as part of an IMF programme. Egypt in the past and today has a rather stable mixed economy with average growth, averaging 3–5% in the past quarter century. Egypt’s Purchasing Managers’ Index (PMI)—which measures business activity in the non-oil private sector—increased to 51.4 in October from 50.4 in September. Stay informed. News, analysis and comment from the Financial Times, the worldʼs leading global business publication Egypt’s finance minister is presiding over the Middle East’s fastest-growing economy, earning accolades from investors and international finance institutions alike. Economy performed well below potential include energy resources, including oil ; income from the Canal. 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