Cityscape in Egypt

Egypt PMI December 2022

Egypt: PMI improves, but conditions continue to deteriorate sharply in December

The S&P Global Purchasing Managers Index (PMI), which measures business activity in the non-oil private sector, rose to 47.2 in December, up from Novembers five-month low of 45.4. As such, the index moved closer to, but remained well below, the 50.0 no-change threshold, where it has been mired for the past 25 months. The reading signaled a continued deterioration in private sector operating conditions from the previous month.

Decembers reading came on the back of softer declines in both output and new business. Elevated prices forced customers to cut spending, weakening demand and weighing on activity in turn. Additionally, higher input costs and supply shortages due to import controls and a weaker Egyptian pound reportedly exerted downward pressure on purchasing activity, which capped output as well. As a result, output charges continued increasing at a similar pace to that of November in December. Meanwhile, firms reduced their headcounts in December. Lastly, firms sentiment regarding the coming 12 months outlook improved for the second consecutive month, although high inflation and the global economic slowdown remained key concerns.

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