Deficit grows in Egypt along with growing capital outflows
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.
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