Current account deficit widens 66.9 % during H1 of FY20/2021, CBE

The  current  account  deficit  rose  by  66.9 percent  to record $  7.6 billion during the First Half of FY 2020/20212021 against $  4.6  billion in the  corresponding period, according to data released by central bank figures (pdf) released last night.

The rise of the  current  account  deficit  came on the back of travel  restrictions brought about by the pandemic.

The travel restrictions has  caused the tourism sector to register only one quarter of the revenues realized in the corresponding  period  that  witnessed  the  highest  tourism revenues  before  the  Corona  pandemic( $  1.8  billion compared to US$ 7.2 billion).

Egypt’s current account deficit widened to $4.8 bn in 2Q2020-2021, from $ 3.2 bn in the same period last year. The deficit grew 74 percent  on a quarterly basis from $ 2.8 bn in 1Q.