Egypt account deficit to hit USD3b

06 Mar 2011

(MENAFN) Egypt’s central bank stated that current account deficit in the fourth quarter would grow to around USD3 billion, up from USD1.4 billion in the third quarter as the political unrest in the country keeps to impact the economy, reported Gulf Daily News.

The central bank also stated that account deficit grew by 9.2 percent in the second and third quarters compared top the same period of the previous year, and amounting to USD1.4 billion.

The central bank said that in the same period, the country’s imports accelerated at a stronger pace compared to exports. Imports went up by 10.9 percent, amounting to USD26 billion. Petroleum imports accounted to 33.6 percent of total imports. On the other hand, exports went up by around ten percent.

The central bank added that investment income went down by 58.3 percent, amounting to USD211 million, up from USD506 million in the same period of 2009.

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