Egypt PMI

Egypt

Egypt: PMI in expansionary territory in June for first time in 6 months

July 5, 2015

The Emirates NDB Egypt Purchasing Managers’ Index (PMI) inched up from 49.9 in May to 50.2 in June, rising above the 50-threshold that separates expansion from contraction in the non-oil producing private sector for the first time since December 2014. The result points to a continued improvement in the manufacturing sector following a series of disappointing readings in the past few months.

Output, new orders and new export business drove the positive result. That said, the improvement in the overall index was dampened by a reduction in payrolls and a drop in stock purchases.

Emirates NBD analysts noted that, “June’s PMI reading fits well with our view that the Egyptian economy should gradually pick up momentum heading into the second half of 2015. However, the survey also shows business activity and job creation remaining relatively tepid.”

FocusEconomics Consensus Forecast panelists expect total investment to increase 6.3% in fiscal year 2015, which is up 2.0 percentage points from last month’s forecast. The panel expects total investment to increase 9.8% in fiscal year 2016.


Author:, Economist

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Egypt PMI June 2015

Note: Emirates NBD Purchasing Managers’ Index. Readings above 50 indicate an improvement in non-oil business conditions while readings below 50 indicate a deterioration.
Source: Emirates NBD and Markit.


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