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Egypt Economic Overview 2011

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CENTRAL BANK OF EGYPT

ECONOMIC REVIEW
Vol. 51 No. 1 2010/2011

Research, Development and Publishing Sector

The Economic Review is issued by the Research, Development and Publishing Sector at the Central Bank of Egypt (CBE) on a quarterly basis. It aims to make available to a broad readership of specialists and nonspecialists a wide range of information on the performance of the Egyptian economy during the reporting period. The CBE posts the Review on its website: www.cbe.org.eg.

Contents Page Main Monetary and Financial Indicators The Leading Article - Output Gap and Its Determinants: The Experience of Egypt ………………………………………… 1- Macroeconomic Performance 1/1 1/2 1/3 1/4 Gross Domestic Product (GDP)……………………………... Employment and Unemployment……………………………. Inflation……………………………………………………… Tourism………………………………………………………. 21 27 28 33 1

2- Monetary and Banking Developments 2/1 2/1/12/1/22/1/32/1/42/1/52/2 2/2/12/2/22/2/32/2/42/2/52/2/6Monetary and Banking Policy and Monetary Aggregates…… Monetary Policy……………………………………………... Reserve Money (M0)………………………………………… Domestic Liquidity (M2) and Counterpart Assets…………... Payment Systems and Information Technology (IT)………... RTGS and SWIFT Local Services…………………………… Banking and Credit Developments…………………………... Banking Reform……………………………………………... Supervision Sector…………………………………………… Overview of Banks' Aggregate Financial Position………….. Interbank Transactions in Egypt……………………………... Deposits……………………………………………………… Lending Activity……………………………………………... 37 37 38 42 46 48 50 50 53 58 60 61 62

3 - Non Banking Financial Sector 3/1 - Stock Market…………………………………………………. 3/2 - Mutual Funds………………………………………………… 66 70

4 - Public Finance and Domestic Public Debt 4/14/1/14/1/24/2 4/2/14/2/24/2/34/2/4Consolidated Fiscal Operations of the General Government. Estimates of the Consolidated Fiscal Operations of the General

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