Egypt Current Account Deficit Narrows as Tourism Rises
Source: www.export-egypt.com 6/28/2018
Egypt’s current account deficit for the third quarter of the 2017-18 fiscal year narrowed to $1.93 billion from $3.1 billion a year earlier as tourism revenues improved, data from the central bank and Reuters calculations showed .
Egypt has been trying to tighten its finances and draw back investors, using economic reforms tied to three-year $12 billion IMF loan programme it began in late 2016.
The country’s fiscal year runs from July through June.
The data showed that tourism revenues rose to $2.27 billion in the quarter, which runs from January through March, from $1.256 billion in the same quarter a year ago. Expatriate remittances increased to $6.46 billion from $5.78 billion.
Net foreign direct investment inflows declined to $2.26 billion in the quarter from $2.28 billion.
The trade deficit improved, dropping to $9.26 billion from $9.35 billion.
Suez Canal revenues edged up to $1.39 billion in the quarter from $1.20 billion a year ago
The overall balance of payments improved, hitting a surplus of $5.38 billion for the quarter versus $3.97 billion last year.