Egypt’s non-oil private sector surged to its highest level in almost three years in June, as companies experienced a notable increase in order volumes for the first time since August 2021, the latest Egypt Purchasing Managers’ Index report from Standard and Poor’s (S&P) Global outlined. Non-oil private sector companies’ sales increased as the Purchasing Managers’ Index (PMI), an indicator of industrial output, climbed to 49.9 in June, an increase from 49.6 in May. Any PMI reading higher than 50 indicates economic growth and readings below 50 signal contraction, S&P Global reported. According to The Economic Times, a marked uptick in the PMI reading from one month to the next suggests accelerated economic expansion. The S&P Global report attributes this upturn to reduced price pressures and stabilized economic conditions domestically and internationally. “Although output levels continued to fall on average, companies were close to growth territory, as a fresh increase helped business capacity in the buying of inputs,” David Owen, Senior Economist at S&P Global Market Intelligence, stated. Non-oil Private Sector is on The Rise “Recent efforts by the Egyptian authorities to restore macroeconomic stability have helped improve economic conditions in…
