CAIRO - 16 December 2018: The Egyptian economy witnessed progress in several indicators during 2017 and 2018 after applying the economic reforms since mid-2016. The most significant successes were declining the inflation and unemployment rates and boosting foreign reserves.
Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.
The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).
During 2017 and 2018, the foreign reserves jumped from $36.7 billion to $44.5 billion for the first time in the foreign monetary reserves' history, which enhances the central bank's capabilities to import commodities, and thus provide appropriate environment to attract more foreign investments to Egypt.
CAIRO, Dec 13 (MENA) - All economic indicators in 2018 showed a tangible improvement, according to the media center of the cabinet on Thursday. Economic growth rose from 4.2% to 5.3% during the 2017/2018 fiscal year while unemployment rate declined from 12% to 9.9%.
As per growth rate, the improvement in the infrastructure and the increase of investments contributed to raising the gross domestic product (GDP) to 5.3 percent, up from 4.2 percent.
Meanwhile, the unemployment rate fell to 9.9 percent during the second quarter of 2018, compared to 12 percent during the first quarter of 2017. The current number of employed citizens hit 26.3 million.
As per these data, the World Bank expected the unemployment rate in Egypt to decline to 9.5 percent in 2020, and the growth rate to rise to 5.8 percent as a result of the reforms implemented in the Egyptian economy. The reforms focus on structuring the subsidies and launching legislations that provide incentives to investors in Egypt and pay great attention to the strong construction of infrastructure.
CAIRO - 3 October 2018: The World Bank (WB) expected Egypt's growth to hit 5.6 percent during fiscal year 2018/2019, supported by private consumption, a recovery in tourism sector and the operationalization of recently discovered gas fields. WB also added that if the business environment reforms are effectively implemented, public investment will grow and private investment will recover.
The International Monetary Fund (IMF) expected Egypt’s economy to record a growth rate of 5.3 percent in 2018 and 5.5 percent in 2019, compared to 4.2 percent in 2017.
CAIRO - 9 October 2018: The International Monetary Fund (IMF) expected Tuesday Egypt's economy to record a growth rate of 5.3 percent in 2018 and 5.5 percent in 2019, compared to 4.2 percent in 2017.
The revenues of tourism rose from 4.4 percent to 9.8 percent, the remittances of expatriates hiked from 21.8 percent to 26.4 percent, and the outcomes of the Suez Canal increased to 5.7 percent from 4.9 percent.
Egypt came fifth in the world regarding the volume of remittances during 2018, according to the World Bank, expecting remittances to Egypt to reach $25.7 billion, with an increase of 14 percent, compared to 2017.
The bank stated that the remittances allocated 10.8 percent of the GDP.
The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 7.94 percent in November 2018 from 8.86 percent in October 2018.
Core inflation discounts or strips out certain categories that are considered more volatile.
CAIRO - 10 December 2018: The Central Bank of Egypt (CBE) said that Egypt's annual core inflation rate declined to 7.94 percent in November 2018 from 8.86 percent in October 2018, according to a report. In October, the core inflation rose to 8.86 percent from 8.55 percent in September.