Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Nigeria endorses El-Anany for UNESCO amid closer economic links with Egypt    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egyptian pound shows stability in Sunday trading    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt exports 175K tons of food in one week    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt's EDA explores pharma cooperation with Belarus    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's GDP projected to expand 5.2% in FY 2022: FocusEconomics
Total investment forecasted to grow 12.0%
Published in Daily News Egypt on 15 - 01 - 2022

The leading provider of economic analysis and forecasts FocusEconomics has announced that Egypt's GDP growth is set to pick up markedly this fiscal year (FY) —running until June 2022— following last year's pandemic-induced slowdown. Stronger investment and export growth will spearhead the improvement.
FocusEconomics Consensus Forecast January 2022 projected that GDP would expand by 5.2% in FY 2022, which is up 0.1% from last month's forecast, and 5.2% in FY 2023.
The report said that the economy shifted into a higher gear in Q1 2022 (July–September 2021), as conditions improved at a quicker annual pace, according to a preliminary estimate.
"Turning to Q2, growth should have moderated: The non-oil sector PMI remained in contractionary territory in October-December, and averaged lower than in Q1. In October merchandise exports expanded at the quickest pace in 5 months, while goods import growth also accelerated from the prior month. Meanwhile, on 5 January, the government unveiled the draft budget for FY 2023 —starting July 2022— which sees a rise in spending.
Additionally, FocusEconomics panellists projected total investment to grow 12.0% in FY 2022, which is up 1.2% from last month's forecast, and 9.4% in FY 2023.
The increased public investment will aim to enhance the efficiency of basic services, expand the social protection network and increase employment opportunities. The budget sees the fiscal deficit narrowing to 6.1% of GDP and the debt-to-GDP ratio falling below 90%," the report read.
It further highlighted that inflation continued to moderate in November, easing to 5.6% from October's 6.3%, amid softer price increases for food. Inflation is set to accelerate from its current levels in 2022, bolstered by more robust economic activity. It is seen remaining comfortably within the Central Bank of Egypt's 5–9% target band.
Focus Economics panellists see inflation averaging 6.7% in calendar year (CY) 2022, which is unchanged from last month's forecast, and 6.6% in CY 2023.
At its 16 December meeting, the Central Bank of Egypt voted to keep the overnight deposit, overnight lending and main operations rates unchanged at 8.25%, 9.25% and 8.75%, respectively, amid relatively contained price pressures and a continued economic recovery.
Panellists also projected the overnight deposit rate by the end of CY 2022 at 8.28%, and 8.21% in CY 2023


Clic here to read the story from its source.