The S&P Global Egypt Purchasing Managers’ Index (PMI) recorded 48.7 in September, down from 49.2 in August.
The Egyptian non-oil sector declined in September as firms struggled with supply chain challenges and rapid inflation at the end of the third quarter, latest survey data by S&P Global showed.
The S&P Global Egypt Purchasing Managers’ Index (PMI) recorded 48.7 in September, down from 49.2 in August. The decrease in the PMI reading in September came after achieving stability in the past few months.
"Firms frequently reported that the high-inflationary environment - annual urban inflation reached a record high of 37.4% in August - and a lack of raw material supply meant they were often unable to fulfil client orders,” David Owen, Senior Economist at S&P Global Market Intelligence, said.
The PMI report showed that firms expanded their employment levels for the second month in a row in September, and at the quickest pace for just over five years. The rise was centered on the services sector and mainly linked to a desire for stronger workforces.
"The latest reading of 48.7 was the lowest since May, but it was still above the series average. A strong employment reading also showed that firms were happy to raise their staff numbers, while new orders decreased only modestly," Owen added.
