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Egypt’s Private Sector Decline Slows Down: S&P Global PMI

July 5, 2023
Image Credit: Tamer Soliman/Pexels

Egypt’s non-oil private sector Purchasing Managers’ Index (PMI) increased to 49.1 in June, marking the highest level since August 2021, according to a report published by Standard and Poor’s (S&P) Global. The Purchasing Managers Index (PMI) is an economic indicator that assesses the non-oil business conditions of a country by measuring various factors including production, employment, logistics, and trade. When the PMI score is below 50, it indicates a contraction in business conditions, while a score above 50 signifies an expansion. Despite Egypt’s positive developments, June’s score of 49.1 reveals a continuing deterioration in the country’s non-oil private sector – remaining below the 50 threshold. “Egypt’s non-oil private sector economy remained under pressure at the end of the second quarter of 2023, with the PMI once again signalling a deterioration in business conditions,” reads S&P’s report. The report also highlighted that production output and new orders for goods and services experienced moderate declines, whereas inflationary pressures cooled down to a 16-month low. The cited causes for the continuing decline include price pressures, liquidity concerns, and weak export demand. “Despite positive directional movements in a number of sub-indices, business confidence fell…


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