Pharos Holding expected Egypt to achieve a pickup in economic activity over the next five years on more sustainable dynamics as remittances improve, tourism recovers, oil and gas production rises, and foreign direct investments (FDI) increase.
In a research entitled “Egypt on Road to Recovery”, Pharos expected the inflation to decline gradually to hit 14.3 percent in fiscal year 2018/2018 and 10.7 percent in fiscal year 2019/2010 on a year on year basis.
The Central Agency for Public Mobilization and Statistics (CAPMAS) previously announced that the annual inflation rate hit 15.6 percent in November 2018, compared to 26.7 percent in the same month of 2017.
On a monthly basis, the rate decreased 0.7 percent, compared to October.
Generally, Egypt targets an inflation rate of 13 percent in its fiscal year 2018/2019 budget.