Egypt’s current account deficit remained almost unchanged, recording $13.6bn in the first three quarters (July/March) of fiscal year (FY) 2021/22, despite the increase of $3bn in the trade balance deficit which came as a result of $14.9bn rise in merchandise imports (oil and non-oil). The widened trade deficit mainly reflected the unprecedented inflationary waves currently sweeping the world as the sectors that had been deterred by the COVID-19 pandemic resumed their usual activity. The oil trade surplus went up by $4bn, to register $4.1bn well above the $174.9m of the corresponding period. As for the capital and financial account, net inflows declined by 36.6% in July/March of FY 2021/2022 to only $10.8bn from $17.1bn in the corresponding period. Second: FDI in Oil SectorFDI in the oil sector registered net outflows of $1.7bn (against just $322.5m in the corresponding period).

Source: The North Africa Journal August 07, 2022 05:33 UTC