Fitch maintains Egypt's B+ ranking, anticipating real GDP growth of 2.5 % in FY2020/21

Posted on October 8, 2020

• This is below the average growth of 5.5 % achieved in FY2018/2019 and FY2019/2020. • Egypt's account deficit is $2.8 billion, non-oil trade deficit is $27.3 billion in three months • The pandemic has resulted in a $18 billion (5 percent of GDP) outflows from the local currency debt market • There is loss of tourism revenues (which were $13 billion in 2019) and • Decline in remittance inflows (which were close to $27 billion in 2019). • Public finances remain a core weakness with government debt to GDP levels is at 65 %.