Egypt's current account deficit decreased to $3.8 billion in the October-December quarter

Egypt's current account deficit decreased to $3.8 billion in the October-December quarter ...

CAIRO, April 14 (Reuters) - Egypt's current account deficit fell to $3.8 billion in the October-December quarter from $4.85 billion in the same period a year earlier, driven by a spike in tourism, according to central bank's balance of payments figures.

The figures also show a significant 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.

Tourism receipts jumped to $3.0 billion from $987 million in October-December 2020 as travel recovered due to COVID-19.

Egyptians working abroad paid $7.43 billion in October and December, compared to $7.49 billion a year prior, while Suez Canal revenue increased to $1.69 from $1.52 billion.

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

(This story correctly illustrates that investment has decreased, not increased in the last paragraph.)

Our Standards:

You may also like: