Oxford Business Group sees Egypt’s economic growth accelerating further in 2018
The Oxford Business Group released their Egypt review for 2017, in which it notes that an “improved performance in Egypt’s key sectors, tighter fiscal management, and increased capital inflows drove an economic rebound last year, with growth expected to accelerate further in 2018.”
Communications was the fastest-growing sector in FY2016-17, advancing 12.5% for the year, followed by construction (9.5%), transport (5.3%), agriculture (3.2%), and manufacturing (2.1%). An increase in investment inflows and FDI, in addition to an increase in energy exports by 15.4% y-o-y and non-oil exports by 16.2% y-o-y in FY2016-17 “also contributed to the economy’s performance” and reflected the success of fiscal policy changes, such as the EGP float. Tourism also helped sustain the momentum, not only due to a recovery in tourist arrival figures “from traditional source markets such as Western Europe, but also visitors from new markets, including China and the Gulf,” the report says, citing news articles. You can read the full report here.