Back to the complete issue
Thursday, 29 September 2016

Additional details from Moody’s latest report on Egypt

Moody’s issued their Annual Credit Analysis on the Government of Egypt (pdf) on Wednesday. There isn’t that much that’s new here that wasn’t discussed in the Moody’s roundtable we attended and wrote on in yesterday’s issue, but some key highlights include:

  • Moody’s projects Egypt’s real GDP growth to average 4.2% from 2016-2020
  • Negative net export growth contribution for the coming years driven in part by weak global demand for Egyptian exports
  • For FY16, Moody’s expects a fiscal deficit of 13% of GDP compared to the deficit target of 8.9% of GDP
  • Moody’s estimates total FDI inflows for FY16 to reach 2% of GDP, up slightly from 1.9% in FY15
  • Moody’s projects inflation in FY17 to average 12.5%, up from the average of 10.2% in FY16

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.