Cityscape in Egypt

Egypt PMI March 2024

Egypt: Non-oil PMI inches up in March

The S&P Global Egypt Non-oil Purchasing Managers’ Index (PMI) rose to 47.6 in March from 47.1 in February. As a result, the index remained below the 50.0 no-change threshold—as it has been since December 2020—but signaled a softer deterioration in non-oil private sector operating conditions compared to the previous month.

Activity continued to deteriorate chiefly because of weak order books, which were hit by high inflation and a weak Egyptian pound hampering consumer spending.

That said, activity deteriorated less sharply than in the prior month as new export orders rose for the first time since December 2022 and firms onboarded staff for the first time this year. In addition, recent measures to combat Egypt’s currency crisis—raising interest rates and floating the Egyptian pound—helped alleviate some price pressures. Both input and output price inflation dropped to a three-month low despite rising material prices and the strongest wage increase since October 2020 amid the cost-of-living crisis. Lastly, while business sentiment declined—with concerns that economic conditions could further depress sales—firms remained optimistic about future activity over the next 12 months.

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