Deficit grows in Egypt along with growing capital outflows

Deficit grows in Egypt along with growing capital outflows
2.5 5

Published September 11th, 2012 - 08:49 GMT via SyndiGate.info

Rate Article:

 
PRINT Send Mail
comment (0)
Private remittances continued to flow in to Egypt, but capital outflows also increased
Private remittances continued to flow in to Egypt, but capital outflows also increased

 Egypt's current account deficit surged 30 per cent in the fiscal year that ended in June 30 to $7.9 billion, the central bank said.

Tourism revenue declined to $9.4 billion from $10.6 billion in the previous year, the central bank said in an e-mailed statement.

Foreign direct investment was little changed at about $2.1 billion while portfolio investment outflows almost doubled to about $5 billion, the central bank said.

Net private transfers, led by remittances, surged 44 per cent to $17.8 billion, the data show. 

Advertisement

© Muscat Press and Publishing House SAOC 2012

Post new comment

The content of this field is kept private and will not be shown publicly.