Cityscape in Egypt

Egypt PMI June 2023

Egypt: Private-sector PMI close to two-year high in June but remains in contractionary terrain

The S&P Global Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, rose to a 22-month high of 49.1 in June, up from May’s 47.8. Despite the uptick, the index remained below the 50.0 no-change threshold, where it has been mired since December 2020. The reading signaled a milder deterioration in private sector operating conditions from the previous month.

June’s uptick reflected the slowest decline in output in 21 months. That said, elevated price pressures, liquidity issues and downbeat demand still weighed on activity. New orders also fell, but at the softest pace in 18 months. The mild improvement was driven by a softer downturn in domestic demand; meanwhile, new export orders contracted at the steepest pace in nine months. Consequently, employment levels fell again in the month, albeit at a more moderate pace than in the prior month.

Turning to prices, input cost inflation receded to a 16-month low; in turn, selling prices also rose at a slower rate. Lastly, firms’ sentiment remained downbeat.

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