Islamic Lifestyle

Egypt current-account deficit surges as tourism revenue collapses

Published 30 Jun,2021 via Arab News - Economy RIYADH - Egypt’s current-account deficit almost doubled in the first nine months of fiscal 2020-21 as tourism revenues slumped due to COVID-19 travel restrictions.

The deficit increased 82 percent to $13.3 billion in the 9 months through the end of March, Asharq reported, citing Central Bank of Egypt data. The total balance of payments surplus in the period was $1.8 billion.

The bank attributed the increase in the deficit to a drop in tourism revenues to $3.1 billion, compared to $9.6 billion in the same fiscal period, according to a statement issued today.

Net foreign direct investment (FDI) flows to Egypt during that period dropped by 19.3 percent to $4.8 billion, while transport proceeds, including the Suez Canal, fell by 12 percent to $5.5 billion.

Remittances from workers abroad rose to $23.4 billion from $21.5 billion.

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