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FINANCIAL NEWS
Egypt current account deficit reaches $802m in Q3
01 Dec 2010
(MENAFN) The Central Bank of Egypt said that the country’s current account deficit widened in the July-Sept quarter as imports grew faster than exports and payments to overseas investors increased, Reuters reported.
The current account deficit widened to $802.2 million in the July-Sept quarter from $493.4 million in the same quarter a year earlier, the central bank said.
Revenue from tourism climbed 13 percent year-on-year to $3.7 billion and Suez Canal income rose 13 percent to $1.3 billion. Imports grew 9.3 percent to $12.73 billion while exports climbed 13 percent to $6.1 billion.
Foreign direct investment (FDI) during the quarter fell to $1.60 billion from $1.73 billion, the central bank said.
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