{"id":325466,"date":"2022-05-17T11:12:09","date_gmt":"2022-05-17T11:12:09","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325466"},"modified":"2022-05-17T11:12:09","modified_gmt":"2022-05-17T11:12:09","slug":"fitch-solutions-revises-egypts-real-gdp-growth-slightly","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/05\/17\/fitch-solutions-revises-egypts-real-gdp-growth-slightly\/","title":{"rendered":"Fitch Solutions revises Egypt\u2019s real GDP growth slightly"},"content":{"rendered":"<p>Fitch Solutions revised up Egypt\u2019s real GDP growth forecast by 0.1 percent for 2022 to reach 5.6 percent, up from the 5.5 percent it projected in April, according to Fitch Solutions\u2019 MENA Monthly Outlook Report.<\/p>\n<p>&nbsp;<\/p>\n<p>Driven by the ongoing economic challenges caused by the Russian-Ukrainian conflict, the Egyptian government lowered its expectations for the country\u2019s real GDP growth in the upcoming FY2022\/23 \u2014 which starts on 1 July \u2014 to 5.5 percent, down from the 5.7 percent it previously projected.<\/p>\n<p>The report also raised its projections for Egypt\u2019s inflation to 13.2 percent, up from 10 percent, up from the 7.1 percent it expected in April, continuing the trend of being the country with the third highest inflation rate in the region following Lebanon (171 percent) and Iran (29 percent).<\/p>\n<p>Since the onset of the war in Ukraine, Egypt\u2019s inflation has\u00a0passed\u00a0double digits, hitting 10 percent in February.<\/p>\n<p>According to the latest figures announced by the Central Agency for Public Mobilisation and Statistics (CAPMAS), Egypt\u2019s headline annual inflation rate rose\u00a0to 14.9 percent in April, up from the 12.1 percent recorded in March and 4.4 percent in the corresponding month in 2021.<\/p>\n<p>As a result, inflation in urban areas jumped to 13.1 percent.<\/p>\n<p>In terms of the monetary policy\u2019s prediction, the report anticipated the Central Bank of Egypt\u2019s (CBE) interest rate to average 13.2 percent in 2022, expecting the USD\u2019s value against the EGP to stand at EGP 18.3 in 2022.<\/p>\n<p>The CBE also raised its key interest rates in March amid the ongoing challenges of\u00a0the Ukrainian war and the rising food and energy prices\u00a0by one percent (100 basis points) and devalued the EGP by about 14 percent.<\/p>\n<p>As a result, USD\u2019s trading price against the EGP reached its all-high time in five years, averaging EGP 18.3 for selling and EGP 18.2 for purchasing at the beginning of trading on Sunday.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/english.ahram.org.eg\/media\/news\/2022\/5\/15\/2022-637882256049148510-914.jpg?w=1170&#038;ssl=1\" alt=\"\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fitch Solutions revised up Egypt\u2019s real GDP growth forecast by 0.1 percent for 2022 to reach 5.6 percent, up from the 5.5 percent it projected in April, according to Fitch Solutions\u2019 MENA Monthly Outlook Report.<\/p>\n","protected":false},"author":4,"featured_media":319820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[317],"class_list":["post-325466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news","tag-fitch-solutions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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