CAIRO - Egypt's balance of payments (BoP) posted a $14.7 million surplus in the first quarter of the fiscal year (FY) 2010/2011 (July-September), the Central Bank of Egypt (CBE) said in a report Wednesday. Egypt's fiscal year begins on July 1. The current account deficit jumped by 62.6 per cent to $802.2 million in Q1, compared with $493.4 million in the same quarter last year, the report said. The balance of trade deficit rose by six per cent to $6.6 billion in Q1, against $6.3 billion in the same quarter the previous year. The report attributed the increase in the trade balance deficit to a rise of commodity imports by 9.3 per cent to $12.7 billion. Commodity exports hit $6.1 billion on the same period. "Suez Canal receipts jumped by 13.3 per cent to $1.3 billion, against $1.1 billion in the same quarter a year earlier. Egypt netted $1.6 billion in foreign direct investment in Q1," it said. Tourism revenues inched up 13.1 per cent to $3.7 billion, compared to $3.2 billion the previous year, it said. Egypt's net foreign reserves rose by 0.9 per cent to $35.5 billion at the end of September, the report added. The country's external debt increased by $2.2 billion to $33.7 billion at the end of June, while local debt stood at LE888.7 billion ($154.9 billion). "Liquidity in the local market rose by 1.9 per cent to LE935.2 billion. Cash supply added LE4.5 billion in September," the report said. "Total investments in the fiscal year 2009/2010 jumped by 13.9 per cent, totalling LE224.4 billion. The contribution of the private sector, Government, public sector and State-owned economic organistaions stood at 56.5, 20.3, 11.3 and 11.9 per cent respectively," it said. The country's economy grew by an average seven per cent of gross domestic product (GDP) prior to the global downturn, which hit the world in 2008. Egypt's economy expanded by 4.7 of GDP in FY 2008/09. In FY 2009/10, it grew by 5.2 per cent of GDP, according to the Ministry of Finance.
