Egypt Current Account

Egypt’s current account deficit jumped to $5.91 billion in Q3 of 2024, up from $2.81 billion in the same period last year. The sharp increase was primarily driven by a rise in the trade deficit, which surged to $14.06 billion from $7.94 billion in Q3 of 2023. Additionally, the services surplus declined to $4.05 billion from $5.20 billion, due mainly to a 61.2% plunge in Suez Canal transit revenues. Meanwhile, the investment income deficit fell slightly to $4.26 billion from $4.59 billion. However, the decline in Suez Canal revenues was partially offset by higher remittances, which nearly doubled to $8.3 billion from $4.5 billion in the July-September 2023 quarter. On the other hand, tourism revenues climbed to $4.8 billion from $4.5 billion.