Egypt's non-oil private sector contraction slowed in May, with PMI rising to 47.1
- Egypt's Purchasing Managers' Index (PMI) rose from 46.6 in April to 47.1 in May, indicating that the deterioration of the non-oil private sector has slowed.
- The manufacturing and construction sectors returned to growth, with inventories rising at the fastest pace in nearly three years. Despite these improvements, inflationary pressures intensified, with input costs increasing at the fastest rate since January 2023, driven by higher fuel and electricity prices, a weakening currency, and rising wage pressures.
- Supply chain conditions also worsened further as shipping disruptions and Middle East tensions led to the fastest increase in supplier delivery times in nearly four years. Companies responded by cutting jobs at the fastest rate since June 2020 due to weak demand and rising costs dragging on economic activity.
- Looking ahead, despite ongoing inflation concerns, hopes for improved economic conditions and currency stability have lifted business confidence to its highest level since August 2024.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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