Egypt’s local public debt rose to EGP 3.414tn at the end of December 2017, compared to EGP 2.16tn in June 2017, of which 84.7% was due from the government, 8.2% from public economic bodies, and 7.1% from the National Investment Bank (NIB), according to the Central Bank of Egypt (CBE).
The CBE said, in its latest monthly report issued on Sunday, that local government debt reached about EGP 2.893tn in December, compared to EGP 2.69tn at the end of June 2017.
These debt balances include borrowings, credit facilities from social insurance funds of governmental and private sector workers, the National Bank of Egypt (NBE)’s dollar-denominated certificates, and the net government balances within the banking system.
The CBE said that the debt of Egypt’s public economic bodies amounted to about EGP 278.5bn in December, compared to EGP 222.3bn in June 2017, while the net debt of the NIB amounted to EGP 242.3bn, compared to EGP 231.9bn in the same comparison period.
According to the CBE, the local public debt reached 83.8% of gross domestic product (GDP) at the end of December 2017.
Meanwhile, the CBE said that the size of GDP at factor cost amounted to about EGP 1.736tn from July to December 2017, compared to EGP 1.65bn during the same period in 2016.
Egypt’s GDP at market price reached EGP 1.778bn from July to December 2017, a growth rate of 5.2% compared to the same period of 2016. Meanwhile, the GDP at factor cost and current prices reached EGP 2.243bn in December, compared to EGP 1.6506bn in July. The GDP at market price and current prices recorded EGP 2.31bn at the end of 2017, a growth rate of 36.8%.