Egypt's current account deficit slowed to $3.8 billion in October and December

Egypt's current account deficit slowed to $3.8 billion in October and December ...

CAIRO, April 14 (Reuters) - Egypt's current account deficit fell to $3.8 billion in the October-December quarter, down from $4.85 billion in the same period a year earlier, thanks to a surge in tourism, according to the central bank.

The figures also indicate a substantial outflow of portfolio investment, which slowed to a deficit of $6.1 billion from a $3.5 billion surplus a year earlier.

From $10.5 billion to $10.7 billion, the trade deficit has increased.

In October-December 2020, tourism receipts increased to $3.0 billion from $987 million, resuming responsibility as travel recovered due to COVID-19.

Egyptians earning abroad paid $7.43 billion in October and December, compared to $7.49 billion the year before, while Suez Canal revenues slowed to $1.69, compared to $1.52 billion.

According to the central bank, net foreign direct investment decreased to $1.61 billion from $1.75 billion in October to December 2020.

(This story redresses the last paragraph to show investment has dropped rather than increased.)

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