World Economy

Suez Canal Revenue Rising

Suez Canal Revenue RisingSuez Canal Revenue Rising

Egypt President Abdel-Fattah al-Sisi took a defensive line on the Suez Canal. “I heard people say the revenues of the Suez Canal decreased. Of course not! They increased,” he insisted, Mena reported. Sisi’s statement appears to be an attempt to rebut widespread reports in local and global media that revenues from the Suez Canal declined by more than 5% in 2015. All numbers are political in Egypt, but Suez Canal tolls are especially so in the wake of the August 2015 launch of a much-hyped canal extension officials claimed would contribute to more than doubling Suez Canal revenue to $13.5 billion by 2023. Although the president dismissed reports of declining revenue as something “people say,” the fact that the dollar value of Suez Canal tolls was about $290 million less in 2015 than in 2014 is not exactly hearsay: The figure is available from the Suez Canal Authority itself, and the decline is reflected in central bank reports on Egypt’s balance of payments.