Egypt: PMI picks up in December
January 6, 2015
The HSBC Egypt Purchasing Managers’ Index (PMI) picked up from 50.7 in November to 51.4 in December. The result marked the first improvement in the index in the last three months. In addition, the PMI moved further above the 50-threshold that separates expansion from contraction in the non-oil producing private sector.
December’s result reflects stronger expansion of output and new orders. On a negative note, employment dropped in December for the first time in four months. HSBC analysts noted that, “Egypt is yet to regain momentum but a fifth consecutive score above 50.0 reinforces our view that the economy continues to stabilise. We look for a pickup in growth in 2015, albeit off a low base.”
Author: Armando Ciccarelli, Head of Data Solutions