05 Sep 2022

Egypt’s PMI has risen from 46.4 in July 2022 to 47.6 in August 2022. This is the highest reading since February 2022 and the second consecutive increase in the PMI score, which indicates a moderation in the rate of business activity contraction. Input costs rose at a slower pace than the previous month, allowing for a softer increase in output prices. The decreases in new orders and output were also at a gentler rate. Rises in employment levels were the fastest since October 2019. Despite that, business sentiment was still low due to multiple factors such as a slowing global economy, persistence of the Russia-Ukraine conflict, a weakening foreign currency exchange rate, monetary policy that is difficult to forecast, and elevated risks for the economy. (Sources: S&P Global (English) (Arabic), Reuters (English), Zawya (English) (Arabic), al-Ahram (English), Egypt Today (English), Amwal al-Ghad, Hapi Journal, Economy Plus, Capital News, Masrawy, CNBC Arabia, al-Arabiya, Sky News Arabia)