Egypt Construction Market Report 4Q 2023
Economic overview
Dashboard
Figure 01
Quarterly values are average values of parameters over each quarter.
Data obtained from www.tradingeconomics.com, www.cbe.org.eg, www.egx.com.eg and www.investing.com
EGP to USD
During 4Q 2023, the average value of USD against EGP remained stable, recording an average of EGP 30.9. Forecasts suggest that the USD exchange rate will increase against the EGP in the next quarter.
EGP to EUR
During 4Q 2023, the Euro exchange rate remained stable against the Egyptian pound, recording an average of EGP 33.2. Expectations are that the value of the Euro exchange rate will increase against the EGP in the next quarter.
EGP to GBP
During 4Q 2023, the GBP exchange rate remained stable against the Egyptian pound, recording an average of EGP 38.3. The value of the GBP exchange rate is expected to increase against the EGP in the next quarter.
Egyptian stock market
Data obtained from www.investing.com
The EGX 30, the Egyptian stock market indicator, measures the performance of the top 30 traded companies on the Egyptian stock exchange. During 4Q 2023, the EGX30 indicator increased by an average of 24,039.58 points compared to 18,116.06 points in 3Q 2023.
Central bank interest rates
Consumer price index (CPI)
The Central Bank of Egypt (CBE) makes decisions regarding interest rate values. The official interest rate is the overnight deposit rate. During 4Q 2023, the interest rate increased compared to 3Q 2023, reaching 19.25%. However, forecasts suggest stability for the next quarter.
The Consumer Price Index (CPI) measures the increase in prices consumers pay for everyday goods and services. During 4Q 2023, CPI increased to an average of 186 points compared to 179 index points in the previous quarter. Forecasts indicate a further rise in the index in the next quarter.
Foreign exchange reserves
The CBE reports foreign exchange reserves in Egypt; these are the foreign assets held or controlled by the CBE. The reserves are generally used to finance the balance of payments and to manage exchange rates. During 4Q 2023, Egypt's foreign exchange reserves slightly increased, recording an average USD 35.14 billion, and gradual increases are forecasted for the next quarter.
The December values are estimated since they were not issued at the date of publishing the report.
Almaza City Centre, Cairo, Egypt — Gleeds provided Quantity Surveying/Cost Management services
