Key View

• Higher commodity prices, rising inflation, and lower tourist inflows will result in weaker vehicle sales. We expect that these factors will depress consumer spending and reduce vehicle affordability as automakers increase sales price to reflect the rising cost of manufacturing.
• Exacerbating the downbeat outlook for vehicle sales is

Key View

• We at Fitch Solutions anticipate that Russia’s invasion of Ukraine will result in a wider current account deficit in Egypt, coming in at 4.3% of GDP in FY2021/22 (July 2021 – June 2022) and 4.2% of GDP in FY2022/23.
• Higher wheat prices will increase the import bill while reduced tourist arrivals from the two countries will depress

Key View

• At Fitch Solutions, we expect strong investment and exports of goods and services will drive a pick up in Egypt's real GDP growth from 3.3% in FY2020/21 to 5.4% in FY2021/22.
• In FY2022/23, we forecast growth of 5.5%, with private consumption being the main driver. This will be supported by an adjustment to the minimum wage, easing

Key View

• Growing government commitment to healthcare will benefit the expansion of universal healthcare coverage, the adoption of strategic partnerships and increased pharmaceutical investment.
• Alongside this, improving the health of the population is increasingly becoming a priority for Egypt’s government, in line with the UN’s Sustainable

Key View

• At Fitch Solutions, we believe that household spending growth in Egypt will decelerate in 2022. We forecast real household spending to expand by 3.2% over the year, lower than the estimated 7.0% estimated over 2021 and 7.3% in 2020.
• We believe that the deceleration will chiefly be driven by unfavourable base effects following two

Key View

• Egypt seeks to strengthen trade routes as the country pushes ahead with international pharmaceutical cooperation.
• Pharmaceutical exports to be boosted over the long-term by government support.
• However, Egypt’s operating environment is relatively underdeveloped compared to regional peers, posing headwinds to foreign investment

Key View

• At Fitch Solutions, we project that Egypt’s real GDP growth will pick up from 3.3% in FY2020/21 to 5.0% in FY2021/22 and 5.5% in FY2022/23.
• The economic acceleration will be driven by private consumption and fixed investment. Also, the drag from net exports on the economy will decline as tourism activity picks up.
• Higher-than

Key View

• At Fitch Solutions, we hold a positive outlook for Egypt's e-commerce market over the medium term (2021-2025). We forecast e-commerce sales in the country to expand by a CAGR of 10.8% over this period to reach USD1.5bn by 2025, up from USD1.0bn in 2021.
• A key driver behind growth in Egypt's e-commerce sector will be the country's