{"id":326308,"date":"2022-10-08T13:50:40","date_gmt":"2022-10-08T13:50:40","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326308"},"modified":"2022-10-09T14:01:44","modified_gmt":"2022-10-09T14:01:44","slug":"egypts-current-account-deficit-narrows-10-2-to-16-6-bn-in-fy21-22","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/10\/08\/egypts-current-account-deficit-narrows-10-2-to-16-6-bn-in-fy21-22\/","title":{"rendered":"Egypt\u2019s current account deficit narrows 10.2% to $16.6 bn in FY21-22"},"content":{"rendered":"<p><strong>Egypt\u2019s current account deficit narrowed by 10.2% to USD 16.6 bn in FY<\/strong><strong> 2021-2022<\/strong>, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI, according to central bank figures<\/p>\n<p>\u201cThese developments came despite the decline in global economic activity triggered by the Russian-Ukrainian crisis, which has driven up energy and commodity prices significantly,\u201d leading to a monetary tightening wave to put a cap on inflation, the central bank said.<\/p>\n<p><strong>The brightest spot: Tourism receipts more than <\/strong><strong>doubled <\/strong><strong>y-o-y<\/strong> to USD 10.7 bn as tourist arrivals gained momentum after a slump triggered by the war in Ukraine, which had a significant impact on tourism from Russia and Ukraine \u2014 two of our key tourism markets. Tourist arrivals increased more than 85% y-o-y in 1H 2022 to reach 4.9 mn visitors.<\/p>\n<p>Egypt has been working overtime to attract visitors from other European markets to drive inbound traffic, with efforts also including luring tourists from little-tapped markets in Latin America and other markets, including the Gulf.<\/p>\n<p><strong>FDI also picked up steam during the year: <\/strong>Net foreign direct investment rose 71.4% y-o-y to USD 8.9 bn during the fiscal year that ended in June. Net FDI in the non-oil sector recorded USD 11.6 bn, the majority of which came in during 2H 2021-2022.<\/p>\n<p>Greenfield investments and capital increases from existing companies accounted for USD 3.4 bn of non-oil FDI, according to the balance of payments.<\/p>\n<p><strong>Rising natgas prices + bigger export volumes moved our oil trade to the positives: <\/strong>Egypt\u2019s oil trade balance recorded a USD 4.4 bn surplus for the year, from a deficit of USD 6.7 mn during FY 2020-2021, thanks to the global hike in natural gas prices and our entry to new markets including Turkey, Italy, France and Greece.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":2,"featured_media":321372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[],"class_list":["post-326308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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