Today’s Top News & Analysis
A marginal improvement in Egypt's PMI
Ministry of Planning tones down FY24 and FY25 growth expectations
Egypt’s auto sales increased by 10% m/m in November 2023
House of Representatives approves selling desert lands to foreigners
MACRO
A marginal improvement in Egypt's PMI
Egypt’s Purchasing Manager’s Index (PMI) for the non-oil private sector saw a marginal increase to 48.5 in December 2023 vs. 48.4 in November. However, December's data showed a slowdown in order volumes which points out a problem in currency and fast inflation. (S&P Global)
Ministry of Planning tones down FY24 and FY25 growth expectations
Ministry of Planning announced its expectations for the FY24 budget with economic growth of 3.0% vs. 3.5% in the previous forecasts in December 2023. Meanwhile, the ministry expected a 4.7% growth in FY25 on plans of cutting down the inflation rate to 15% only vs. the expected 38% in FY24. In addition, the ministry has other expectations as follows:
- A 7.5% budget deficit in FY24 and 7.2% in FY25.
- A constant primary surplus at 2.5% for both FY24 and FY25.
- The debt-to-GDP ratio is expected to decrease to 92.2% in FY24 vs. 95.7% in FY23 and 91.9% in FY25. (Enterprise)
Egypt’s auto sales increased by 10% m/m in November 2023
According to the Automotive Marketing Information Council (AMIC), Egypt’s Auto sales volumes increased by 10% m/m to 9,900 vehicles in November 2023, as:
- Passenger car sales drove the increase where it grew by 14% m/m to 7,916 units.
- Truck sales grew by over 9% m/m to 1,089 units.
- However, bus sales decreased by 8% m/m to 929 units. (Enterprise)
House of Representatives approves selling desert lands to foreigners
Yesterday, the House of Representatives approved a law that allows the sale of desert lands to foreigners with the right to have a 51% stake in companies that invest in the development of the land in the desert. (Enterprise)
Key Dates
4-Jan-24
8-Jan-24
ARCC: Cash dividend / Deadline for eligibility for a dividend of EGP0.262/Share.
9-Jan-24
BINV: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
11-Jan-24
HELI: OGM / Approving amending the date for distributing the third installment of the coupon & discussing bonus for employees for 2023
ARCC: Cash dividend / Payment date for a dividend of EGP0.262/share.