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The holy month of Ramadan holds a special significance in Egypt, both spiritually and economically. This year, Ramadan arrives amid a complex economic landscape, marked by a delicate balance between current and expected inflation rates. As is customary, consumer spending surges during Ramadan, which raises crucial questions about what Egyptians prioritize and how they cope with potential price hikes.
Updated 2/24/2025 7:52:00 AM
Economists and migration experts have called on the government to better utilize remittances from Egyptians abroad while integrating them into the national economy through investment rather than predominantly consumer spending. Remittances are Egypt’s largest source of foreign currency, surpassing tourism and Suez Canal revenues in the balance of payments (BoP).
Updated 6/10/2024 1:15:00 AM
The Mastercard Economics Institute expects real consumer spending in Egypt to rise by 1.2% year on year (YoY) in 2024, according to the institution’s Economic Outlook 2024 report.
Updated 12/21/2023 12:10:00 PM