Newly released data from the Central Bank of Egypt show the country’s current account deficit hit $18.4bn for the 2020-21 financial year (to 30 June), the second highest figure on record after $19.8bn for 2015-16 (see chart 1).
Egypt: Current Account Deficit Soars Amid Tourism Collapse & Record Trade Bill
Egypt posted a $18.4bn current account deficit for 2020-21, the second highest ever, as Covid saw tourism revenues halve. Bumper LNG exports, and inflows of remittances and grants provided the good news.
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Charts
1: Egypt’s Current Account Deficit Jumped To A Near-Record $18.4bn For 2020-21 Amid Lower Earnings From Services And A Record Goods Trade Deficit ($Bn)
2: Egypt Services Balance ($Bn): While Suez Canal Receipts Rose To A Record $5.9bn, Tourism Earnings Crashed To A 4-Year Low $4.9bn For 2020-21
3. Egypt Trade Balance ($Bn): Deficit Soars To Record $42.1bn For 2020-21 Despite Oil And Gas Imports And Exports Balancing Out
4: Egypt’s Balance Of Payments Swung To A Surplus For 2020-21 Mainly Due To An Inflow Of IMF Cash, Helping Offset A Record Current Account Deficit ($Bn)
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