Key View:

• We at Fitch Solutions expect Egypt’s fiscal deficit to narrow from an estimated 9.4% of GDP in FY2017/18 to 7.8% in FY2018/19 and 6.4% of GDP in FY2019/20.
• Tax reforms and robust real GDP growth will result in higher tax revenues, while government earnings from the gas sector will expand in line with rising production. Further energy

Key View:

• We expect the Central Bank of Egypt (CBE) to keep its deposit and lending rates on hold throughout the remainder of 2018 at 16.75% and 17.75% respectively.
• This represents a revision from our previous forecast of one 100 basis point (bps) cut to each rate on the back of higher-than-expected inflation and against a backdrop of volatile

Key View:

• There is increasing political will in Egypt to develop the healthcare sector.
• Legislative changes and financial backing from the World Bank will boost the success of Egypt's healthcare reform project.
• Healthcare reforms pose upside risks for drugmaker opportunities.

In July 2018, the World Bank announced plans to invest EGP9.5bn

We remain broadly positive on Egypt's construction sector in the short-to-medium term, as improving investor sentiment on the back of the country's 2016 IMF deal dovetails with prudent government policy incentivising large-scale infrastructure development centred upon the Suez Canal.

In line with our view, the Suez Canal continues to function as a

Over the forecast period to 2018, there is room for strong growth across Egypt's soft drinks sector. Given that about 90% of the population practices Islam, the alcohol industry is of course very marginal; this is to the benefit of soft drinks.

Gulf-based companies are increasingly active in Egypt, and in some cases are joining forces with Western