Egypt economy gathers strength heading into 2018

A recent report issued by FocusEconomics said that Egypt’s economy continues to gather strength heading into the new calendar year, although it remains fragile, as evidenced by December’s purchasing managers index (PMI), which sank back into pessimistic territory.

According to the report, other indicators are more positive: in the July-September period, growth strengthened and the unemployment rate declined to a multi-year low.

In addition, international reserves were significantly bolstered in 2017 thanks to renewed investor confidence, while the trade deficit narrowed sharply.

On 20 December, the IMF’s executive board completed the second review under the Extended
Fund Facility, unlocking $2bn of additional funding.