The Central Bank of Egypt revealed that the deficit in the current account balance increased to 7.6 billion dollars in the period from July to December 2020, from 4.6 billion dollars in 2019. On the other hand, remittances from Egyptians working abroad increased by 13.5% amounting to $15.5 billion, from $13.7 billion, while tourism revenues fell by 75.3 percent to $1.8 billion, from $7.25 billion in the period from July to December 2019.
Egypt's economy has slowed significantly due to the repercussions of the Corona pandemic, although it is still growing, unlike many other countries.
According to the balance of payments figures issued by the Central Bank of Egypt, the Egyptian economy's transactions with the outside world during the period July/December 2020, showed its ability to overcome the shock caused by the Corona pandemic.
The net foreign direct investment inflows shrank by 32.3 percent to $3.4 billion, despite the fact that foreign direct investment outside the oil sector increased by $144.7 million to $710.9 million. While the revenues of the Suez Canal, in the period from July to December 2020, decreased to 2.9 billion dollars from 3.03 billion dollars a year earlier.
Source (Al-Rai Newspaper-Kuwait, Edited)
