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Egypt's current account deficit at $4.98 billion in Q1 2016/17

access_time Dec 30,2016 chat_bubble_outline 49 views
Egypt's current account deficit at $4.98 billion in Q1 2016/17
Egypt's current account deficit at $4.98 billion in Q1 2016/17
People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016. Picture taken Egypt, November 3, 2016. REUTERS/Mohamed Abd El Ghany

CAIRO (Reuters) - Egypt's current account deficit widened to $4.98 billion in the first quarter of the 2016/17 financial year from a deficit of $4.0 billion in the same period a year earlier, the central bank said in a statement on Thursday.

The overall balance of payments was in surplus to the tune of $1.9 billion compared to a deficit of $3.7 billion in the same period a year earlier, the statement said.

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 revive key industries.

Conditions worsened after a bomb brought down a Russian plane carrying 224 people from a Red Sea resort in October 2015.

The growth in the current account deficit was partly the result of a 50.2 percent decline in the services surplus, which suffered a 56.1 percent drop in tourism revenues to $758 million.

Another factor was a decline in net transfers to $3.39 billion from $4.32 billion in the same period a year earlier. The number is made up almost entirely by net private transfers, which fell sharply because of a 22.3 percent drop in workers' remittances.

The trade deficit narrowed by 13.4 percent to $8.7 billion, the central bank said.

Net inflows of foreign direct investment rose to $1.9 billion from $1.4 billion. Portfolio investment in Egypt registered a net outflow of $841 million compared to an outflow of $1.4 billion in the same period last year.

Due to new deposits from some Arab countries, the external liabilities of the central bank jumped to $3.4 billion from $1.2 million in the same quarter a year earlier, central bank data showed.

(Reporting by Amina Ismail; Editing by Kevin Liffey)

Happy New Year: fireworks and pictures from around the world

{PAGEBREAK} Fireworks explode during a pyrotechnic show to celebrate the new year in the coastal city of Valparaiso, Chile. Photo by Reuters/Rodrigo Garrido Fireworks explode over Copacabana beach during New Year celebrations in Rio de Janeiro, Brazil. Photo by Reuters/Marcelo Regua Fireworks explode next to the Quadriga sculpture atop the Brandenburg gate during New Yearcelebrations in Berlin, Germany. Photo by Reuters/Fabrizio Bensch. Fireworks light the sky over the Kremlin and St.… chat_bubble_outline Read More...

Britain's Johnson stands firm on immigration talk

London (AFP) - British foreign minister Boris Johnson, a leading Brexit campaigner, on Friday denied contradicting government policy on immigration during private conversations with EU ambassadors, saying "we have to have control".Answering questions after his first keynote speech on foreign affairs, Johnson defended his support for free movement of people from the European Union -- which Prime Minister Theresa May has promised to end as Britain leaves the bloc."I'm a liberal internationalist.… chat_bubble_outline Read More...

Israel says 'reducing' ties with nations over UN vote

Jerusalem (AFP) - Israel's foreign ministry said Tuesday the country was "reducing" ties with nations that voted for last week's UN Security Council resolution demanding a halt to settlement building in Palestinian territory.Refuting reports that ties had been suspended, foreign ministry spokesman Emmanuel Nahshon said in a message to journalists that Israel was "temporarily reducing" visits and work with embassies, without providing further details.Deputy foreign minister Tzipi Hotovely said… chat_bubble_outline Read More...

Da Nang tops administrative reform index for 5th year

Da Nang, the poster city of central Vietnam, has once again topped the Public Administration Reform Index, a national ranking that monitors the performance of ministries and provincial governments. The index, released by the Ministry of Home Affairs, has confirmed the status of Da Nang as one of the most reform-friendly cities. It's the only one that could score of over 90 percent. Hanoi, the capital city, jumped six places to number three. Ho Chi Minh City dropped 12 spots to 15th. At the… chat_bubble_outline Read More...

Beijing intervention roils waters for Hong Kong's top judge

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