The softening of declines in business activity and new orders marks the least pronounced downturn in three months.
The latest data from the S&P Global Egypt Purchasing Managers’ Index (PMI) sub-components painted a mixed picture, with only the output and new orders indices keeping the headline measure below the neutral mark
Strengthening the buffers of Egypt is the first line of defense that could help the Egyptian economy withstand any additional external shock, he added.
In August’s reading, Egypt’s PMI rose to 50.4 into growth territory, breaking an almost 3-year streak in which it remained under 50.0 – which signals deterioration in economic conditions – since November 2020.
The annual inflation rate recorded 25.6% for the month of August 2024, compared to 39.7% for the same month of the previous year.
