Egypt’s PMI for non-oil private sector rises to highest in 22 months: S&P Global

Nonetheless, the reading remains below the threshold of 50, indicating a deterioration in business conditions, S&P noted. 

“Egypt's non-oil private sector economy remained under pressure at the end of the second quarter of 2023, with the PMI once again signalling a deterioration in business conditions,” the report stated.

Output and new orders experienced drops in June, albeit at weaker rates. On the other hand, inflationary pressures cooled slightly to a 16-month low and remained significantly softer compared to January.

Output across Egypt's non-oil private sector maintained its downturn.