Egypt's current account deficit widens to $4.8 billion in Oct-Dec

Egypt’s current account deficit widened to $4.8 billion in October-December from $3.2 billion in the same period in 2019, according to central bank figures released on Monday.

Egypt’s current account deficit widened to $4.8 billion in October-December from $3.2 billion in the same period in 2019, according to central bank figures released on Monday.

Remittances from Egyptian workers abroad rose to $7.49 billion in October-December from $6.96 billion a year earlier, while tourism revenues plunged to $987 million from $3.1 billion, Reuters calculations based on the central bank figures showed.

Egypt’s economy slowed significantly due to the impact of the coronavirus pandemic, though unlike many other countries it remained in growth.

“Egypt’s transactions with the external world demonstrated its resilience and ability to weather the shock caused by COVID-19 pandemic,” the central bank said in a statement accompanying the balance of payments figures.

Net foreign direct investment (FDI) shrank to $1.75 billion in the final three months of 2020 from $2.61 billion a year earlier. Non-oil FDI stood at $315 million in October-December.

Revenues generated by the Suez Canal were steady compared with the same period in 2019, at $1.52 billion.

Source: Reuters