{"id":322153,"date":"2021-05-12T09:49:54","date_gmt":"2021-05-12T09:49:54","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=322153"},"modified":"2021-05-12T09:51:04","modified_gmt":"2021-05-12T09:51:04","slug":"egypts-current-account-deficit-jumps-to-7-6-bln-in-1h-of-fy2020-21-cbe","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/05\/12\/egypts-current-account-deficit-jumps-to-7-6-bln-in-1h-of-fy2020-21-cbe\/","title":{"rendered":"Egypt\u2019s current account deficit jumps to $7.6 bln in 1H of FY2020\/21: CBE"},"content":{"rendered":"

Egypt\u2019s current account deficit climbed to $7.6 billion in the first half (1H) of the current FY2020\/2021 \u2014 from July to December 2020 \u2014 up from $4.6 in the same half of FY2019\/2020, according to data released by the Central Bank of Egypt (CBE) on Monday.<\/p>\n

The increase in the current account deficit\u00a0 was owed to the decline in service balance surplus and the increase in the non-oil trade balance<\/p>\n

Service balance surplus contracted by 69.9 percent in the 1H of FY2020\/21 to post $1.9 billion, down from $6.3 billion in the 1H of FY2019\/20 due to the decline in the investment income balance, according to the CBE.<\/p>\n

As for the decline in investment income, the CBE\u2019s data showed that tourism revenues dropped by 75.3 percent in the 1H of FY2020\/21, reaching $1.8 billion.<\/p>\n

For the non-oil trade deficit, the CBE said that it increased by 6.6 percent in the 1H of FY2020\/21 to record $19.1 billion, driven by the rise in the payments of commodity imports, reaching $28.1 billion, and the increase in payments of commodity exports, reaching $9.3 billion.<\/p>\n

The data also showed that oil trade deficit improved in the 1H of FY2020\/21, narrowing down to $54.2 million, down from $733.3 million in the same half of FY2020\/21.<\/p>\n

On foreign direct investment (FDI) inflows, the CBE unveiled that they fell by 32.3 percent in the 1H of FY2020\/21 to post $3.4 billion, down from $5 billion, as a result of the decline in FDI inflows into the oil sector and the contraction of non-oil FDI inflows as well.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s current account deficit climbed to $7.6 billion in the first half (1H) of the current FY2020\/2021 \u2014 from July to December 2020 \u2014 up from $4.6 in the same half of FY2019\/2020, according to data released by the Central Bank of Egypt (CBE) on Monday.<\/p>\n","protected":false},"author":4,"featured_media":321424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[222],"class_list":["post-322153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-central-bank-of-egypt-cbe"],"yoast_head":"\nEgypt\u2019s current account deficit jumps to $7.6 bln in 1H of FY2020\/21: CBE - egy-africa<\/title>\n<meta name=\"description\" content=\"Egypt\u2019s current account deficit climbed to $7.6 billion in the first half (1H) of the current FY2020\/2021 \u2014 from July to December 2020 \u2014 up from $4.6 in the same half of FY2019\/2020, according to data released by the Central Bank of Egypt (CBE) on Monday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/05\/12\/egypts-current-account-deficit-jumps-to-7-6-bln-in-1h-of-fy2020-21-cbe\/\" \/>\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 jumps to $7.6 bln in 1H of FY2020\/21: CBE - 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