Egypt Current Account Deficit Doubles to $5.1 Billion

The Central Bank of Egypt reported that the nation's current account deficit more than doubled to $5.1 billion during the January-March quarter of 2026, up from $2.3 billion during the same period in the previous year.

The widening deficit was primarily driven by a larger merchandise trade deficit, which included an increase in oil imports that rose to $5.7 billion from $4.8 billion. Net foreign direct investment inflows saw a slight decrease to $3.7 billion, compared to $3.8 billion in the first quarter of 2025.

These losses were partially offset by growth in other key sectors. Remittances from Egyptians working abroad increased to $12.8 billion from $9.3 billion, while tourism revenue rose to $4.2 billion from $3.8 billion. Additionally, Suez Canal receipts grew to $1 billion from $800 million.