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Egypt’s Economy Grew by 9.8% In Q1 FY 2021-22

A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. Reuters/Amr Abdallah Dalsh
A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. Reuters/Amr Abdallah Dalsh
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Egypt’s Economy Grew by 9.8% In Q1 FY 2021-22

A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. Reuters/Amr Abdallah Dalsh
A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. Reuters/Amr Abdallah Dalsh

Egypt's economy grew by 9.8% in the first quarter of the fiscal year 2021-22 that began in July, compared with 0.7% in the same period last year, Minister of Planning and Economic Development Hala al-Saeed said on Wednesday.

Egypt expects a GDP growth of 5.5-5.7% in FY 2021-22 that ends in June, she added.

Her remarks were made during a cabinet session chaired by Prime Minister Mostafa Madbouly, during which she reviewed the initial indicators of the country’s economic performance in the first quarter.

The restaurant and hotel sector recorded the highest quarterly growth rate of about 181.8 percent, reflecting the remarkable recovery from the coronavirus repercussions.

The telecommunications, manufacturing and construction sectors registered a growth rate of 16.3%, about 15.2%, and 10.5%, respectively.

The minister reviewed the contributions of various economic activities to the GDP during the first quarter of the current fiscal year, noting that the most contributing sectors are manufacturing, agriculture, trade, and real estate activities.

Egypt’s inflation rate rose to 8% on an annual basis and 1.6% on a monthly basis during September, Saeed said, attributing the rise to the higher global prices of energy, food commodities and minerals.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.