Egypt’s current account deficit rose to $11.1 billion during the first half of the current fiscal year, up from $9.6 billion in the same period last year, according to data released by the Central Bank of Egypt (CBE) on Monday.

The CBE attributed the widening deficit primarily to the increase in the trade balance deficit, which surged by 47.4% to reach $27.5 billion.

The report also revealed a sharp decline in Suez Canal revenues, which dropped by 62.3%, recording only $1.8 billion compared to $4.8 billion in the corresponding period.

Additionally, Egypt’s overall balance of payments deficit rose to $502.6 million in H1 of the current fiscal year, up from $409.6 million in the same period last year.

Remittances from Egyptians working abroad jumped by 80.7%, reaching $17.1 billion during the period.

Tourism revenues also saw an improvement, rising to $8.7 billion in the first half of this year, compared to $7.8 billion in the previous year.

Foreign direct investment (FDI) inflows increased as well, reaching $6 billion, up from $5.5 billion a year earlier.