World Economy

Egypt’s Current A/C Deficit Rises

Egypt’s Current A/C Deficit RisesEgypt’s Current A/C Deficit Rises

Egypt’s current account deficit rose to $18.7 billion for the 2015-16 fiscal year that ended in June, from $12.1 billion last year, central bank data showed, Reuters reported. Egypt’s economy is struggling to recover after a mass uprising in 2011 that drove away tourists and foreign investors and created a shortage of foreign currency that has sapped its ability to purchase from abroad and relaunch key industries. The trade deficit for the financial year stood at $37.6 billion compared with a deficit of $39.1 billion last year. The improvement was “due partly to the decline in world oil prices, which had a bearing on Egyptian exports and imports”, a central bank statement said.