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FILE PHOTO: An employee counts banknotes at currency exchange shop in the Egyptian capital Cairo. /CFP

Egypt’s Q1 current account deficit down 12.1%

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Egypt’s current account deficit narrowed by 12.1% to $2.8 billion in July-September 2023 from U.S.$3.2 billion a year earlier, the central bank said on Friday.

Egypt’s net foreign direct investment inflows for the quarter, the first of its 2023/24 financial year, fell to $2.3 billion from $3.3 billion.

Tourism revenue rose to $4.5 billion from $4.1 billion while Suez Canal revenue rose to $2.4 billion from $2 billion, the central bank said. Remittances from Egyptian workers abroad fell to $4.5 billion from $6.4 billion, it added.

Natural gas exports fell by $2 billion, it said. Crude oil exports rose by $299.6 million while oil products exports fell by $393.8 million.

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