Back to the complete issue
Sunday, 22 November 2020

Gov’t revises FY2020/21 GDP forecast upwards to 3.8%

Gov’t GDP forecast revised upwards:The government expects the economy to grow at a 3.5-3.8% clip in the current fiscal year, Deputy Planning Minister Ahmed Kamaly said on the sidelines of an energy conference yesterday. The range is higher than the outlook offered by Finance Minister Mohamed Maait earlier this month, who said that the economy is likely to grow between 2.8% and 3.5% during the year.

This is in line with analyst expectations: Last month the IMF, Fitch, and Deutsche Bank all predicted growth coming in at 3.5% this year, while a recent Reuters poll of economists saw the economy growing at a 3.3% clip (versus 3.1% in a similar survey in July).

Also from Kamaly: Egypt’s external debt — which rose to USD 123.5 bn in 4Q2019-2020 — remains at a “safe level” while the fall in the unemployment rate during the previous quarter serves as a positive economic indicator, he said.

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. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank 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; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.