Infograph: Egypt PMI Trend in 2024Source: www.export-egypt.com 8/12/2024, Location: Africa |
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Egypt’s S&P global Purchasing Managers’ Index (PMI) has been tiptoeing around the 50 mark for the past few months with July recording 49.7 down from 49.9 in June.
Egypt’s non-oil companies' sales increased in June for the first time since August 2021, following the stabilization of economic conditions and policies that decreased price pressures and enhanced demand expectations. The graph also shows that the reading was 49.6 in May, which may have been caused by the decrease in input cost inflation that reached a 38-month low; this boosted the Egyptian non-oil private sector. Confidence in the 12-month outlook increased in May, and this rise in expectations promoted companies to raise the staffing rate for the second time. Purchases of inputs decreased to the lowest rate since February 2022, shedding light on the enhanced availability of currency. During the first half of 2024, the PMI dipped from 48.1 in January to 47.1 in February amid the foreign currency crisis, as input volumes and the Suez Canal freight volumes increased. It began to recover in March recording a PMI of 47.6; however, it slightly decreased again in April to reach 47.4 due to difficult market conditions and a decrease in employment. |
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