Latest figures from Egypt’s Central Bank (CBE) show that Egypt was both a major winner and a major loser in economic terms from Russia’s February 2022 invasion of Ukraine. Cairo notched up record Suez Canal and LNG export revenues, but the soaring cost of wheat imports and a surge in capital outflows saw the country’s balance of payments swing to a $9.9bn deficit, the highest in a decade (see table & chart 1).
Egypt Swings Back To Balance Of Payments Deficit For 2022 As Capital Outflows Surge
Egypt’s balance of payments swung to a $9.9bn deficit last year despite record tourism, Suez Canal and LNG export revenues. With prices for key LNG exports slumping and reform efforts stalling things look worse for 2023.
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IN THIS ARTICLE
Tables
Egypt Balance Of Payments ($bn): Tourism & Suez Canal Receipts Drive Shrinking Current Account Deficit For 2022
Charts
1:Egypt’s Balance Of Payments Returned To Deficit For 2022 As Capital Outflows Surged ($bn)
2: Egypt’s Overall Current Account Deficit Shrunk Thanks To Record Services Income ($bn)...
3: ...With Record Suez Canal Earnings And Tourism Up Strongly ($bn)
4: Egypt’s Foreign Reserves* Have Inched Up In Recent Months But Remain Well Below ‘Pre-Covid’ Levels ($Bn-End Month)
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