Egypt’s current account deficit surge to $18.7 bln in FY 2015-16

Egypt’s current account deficit surged to $18.7 billion for the 2015-16 financial year that ended in June, from $12.1 billion last year, central bank data showed.

Egypt’s economy is struggling to recover after a mass uprising in 2011 drove away tourists and foreign investors, major sources of hard currency.

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.

Source: Reuters