Egypt's consumer confidence rises 12% in Jan: IDSC

Ahram Online, Sunday 9 Feb 2014

Index up nearly 12 percent, as households cite increase in income and living conditions, despite poverty rate climbing to 26 percent of Egypt's 85 million people

A vendor poses for a photo at his street vegetable stand at the Suleiman Gohar market in the Dokki district of Cairo (Photo: AP)
Egypt's consumer confidence index rose in January 2014 on the previous month, according to data released Sunday from the cabinet's think tank, the Information and Decision Support Centre (IDSC).
The index increased 11.9 percent to 112.8 points last month, compared to 100.8 points in December, an upsurge that the IDSC attributed to households believing that income levels and living conditions have improved.
Egypt’s family income index rose in January as well, up 23.2 percent against the previous month to reach 62.7 points.
Average annual salaries in Egypt in the fiscal year 2012/13 reached LE26,161 ($3,756), up from LE25,353 ($3,640) in the previous fiscal year, according to data from official statistics body CAPMAS.
Meanwhile, according to CAPMAS' latest statistics, Egypt’s poverty rate has increased in recent years, reaching around 26 percent of the total population of 85 million.
The economic policy confidence index also grew 9.7 percent month-on-month in January to reach 94 points.
Egypt’s foreign reserves inched up in January for first time in five months, reaching $17.1 billion.
Arab Gulf states such as Saudi Arabia and the UAE have been pumping funds into the Egyptian government since the ouster of Islamist president Mohamed Morsi in July 2013, with some $12 billion in aid given to revive the country's troubled economy.
Short link: