Egypt ranks second among emerging markets
Egypt, Economics, 12/13/2001

Egypt occupied the second position among emerging markets after realizing a 6.5 per cent growth rate of the Gross Domestic Product (GDP) annually.

China came in the first position with a growth rate of 7 per cent, according to a monthly report by the cabinet Information and Decision Support Center (IDSC).

Egypt also ranked the second regarding industrial products, achieving a growth rate of 9.4 per cent after China, which ranked first with a growth rate of 9.5 per cent.

Meanwhile, Egypt came in the fourth position among countries of emerging economies for achieving a low rate of inflation of 2.2 per cent annually after china (0.1 per cent), Malaysia (1.4 per cent) and Thailand (1.4 per cent), according to the report.

Volume of deposits in the banking system, except for the Central Bank of Egypt (CBE), increased from LE. 260.8 billion in July 2000 to LE. 292.7 billion during the same month of this year, the report said.

These include governmental deposits that increased fromLE. 38.3 billion to LE 43.1 billion and non-governmental deposits that surged up from LE 222.5 billion to LE 249.6 billion during the same period.

The report referred to a decline in the average interest rate on treasury bills from 9.8 percent in October 2000 to 8.7 percent during the same month of this year.

Meanwhile, the average interest rate on deposits in Egyptian pound increased from 9.25 per cent to 9.50 per cent while that on deposits in the US dollar declined from 6.22 per cent to 1.96 per cent, the report said,adding that rates of lending and discount decreased from 12 to 11 percent during the same period.

Volume of exports increased fromLE. 9.4 billion during the period from January -July 2000 to LE. 9.8 billion during the same period of this year, the report said.

Moreover, the report registered a marked increase in the volume of imports from LE 27.7 billion to LE. 28.7 billion during the same period.

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