Cairo – Mubasher: Egypt's current account deficit stood at $18.6 billion in the 2015-16 fiscal year, versus a deficit of $12.4 billion in the same period the previous year up by 53%, data from the central bank showed on Wednesday.

The increase in the country’s current account deficit followed the increase in the trade deficit that recorded $37.6 billion, in addition to the decline of net current transfers to $16.5 billion.

The balance of payment deficit recorded $2.8 billion in the fiscal year 2015-2016, down by 24% from $3.7 billion in the preceding year.

Egypt's economy is struggling to recover after a mass uprising in 2011 drove away tourists and foreign investors, major sources of hard currency.

The number of tourists fell 40% in the first quarter of 2016 compared to last year due in large part to the suspected bombing of a Russian plane carrying 224 people from a Red Sea resort in late October.