Egypt: Industrial production contracts at fastest pace in 18 months in June
August 14, 2015
In June, industrial production contracted 12.0% over the same month last year, which was markedly below the 0.2% decrease recorded in May. June’s result was the weakest in a year and a half. The decline was driven by substantial contractions in the manufacturing, construction and transportation sectors. In contrast, the tourism sectors continues to recover and registered a fourth straight annual increase.
On a sequential basis, industrial production decreased 3.7% over the previous month, which contrasted the 6.6% increase registered in May. However, annual average growth in industrial production slumped from 12.2% in May to 9.9% in June.
Author: Carl Kelly, Economist