Egypt’s Q1 current account deficit down 12.1% to $2.8 billion -central bank

DUBAI (Reuters) – Egypt’s current account deficit narrowed by 12.1% to $2.8 billion in July-September 2023 from $3.2 billion a year earlier, the central bank said on Friday.

Egypt’s net foreign direct investment inflows for the quarter, the first of its 2023/24 financial year, fell to $2.3 billion from $3.3 billion.

Tourism revenue rose to $4.5 billion from $4.1 billion while Suez Canal revenue rose to $2.4 billion from $2 billion, the central bank said.

Remittances from Egyptian workers abroad fell to $4.5 billion from $6.4 billion, it added.

Natural gas exports fell by $2 billion, it said. Crude oil exports rose by $299.6 million while oil products exports fell by $393.8 million.

(Reporting by Jana Choukeir, Nayera Abdallah and Clauda Tanios; editing by Alex Richardson and Jason Neely)