Egypt/ Balance of Payments Q4 2020 reading
The economy battled COVID-19, backed by resilient remittances and lower global commodity prices: In line with our expectations, the effect of COVID-19 on Egypt’s hydrocarbon-trade balance was relatively favorable given the significant fall in oil prices in Q4 FY20 and subdued import demand. Meanwhile, the service balance (mainly tourism) fell under the pressure of lockdown measures and travel ban, posting its worst performance since the terrorist attack on the Russian airplane in 2015. However, workers’ remittances defied expectations and remained resilient.
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722