EFG Hermes expects Egypt’s FY2022/23 current account deficit at 3.7% of GDP

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On February 2nd, the Central Bank of Egypt (CBE) announced that Egypt’s current account deficit fell by 20.2% year-on-year (YoY) in the first quarter

Staff Writer, Arab Finance

February 7, 2023

EGYPT ECONOMY

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Investments bank EFG Hermes projects Egypt’s current account deficit to hit 3.7% of gross domestic product (GDP) during the current fiscal year (FY), before rising to 4.1% of GDP in the upcoming FY2023/2024 and FY2024/2025, according to an emailed economic note on February 6th.

On February 2nd, the Central Bank of Egypt (CBE) announced that Egypt’s current account deficit fell by 20.2% year-on-year (YoY) in the first quarter (Q1) of FY 2022/2023 to $3.2 billion from $4 billion in the same quarter a FY earlier.

On January 30th, EFG Hermes revealed in a previous economic note that Egypt’s real GDP growth is expected to hit 4.5% during FY 2022/2023, before rising to 5% in the next FY 2023/2024 and to 5.2% in the FY 2024/2025.

The investment bank said that Egypt’s inflation is expected to near 23% in January from 21.3% in December

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