Egyptian Non-Oil Companies Report Growth For First Time in Three Years
The uplift follows recent signs of stabilising economic conditions.
Egyptian non-oil companies saw an increase in sales volumes in June 2024 for the first time since August 2021, according to the latest S&P Global Purchasing Managers’ Index (PMI) for Egypt.
Egypt’s PMI Index climbed to 49.9 in June from 49.6 in May, the highest level in three years, and just fractionally below the 50 mark that indicates growth level. According to S&P Global, this rise in the index was driven by government policy moves that supported a relaxation of price pressures, improving signs of economic stability in the country.
Egypt’s non-oil sector has been facing a variety of challenges over the past few years, with the country battling economic shocks due to the invasion in Gaza, currency pressure and disruptions in the Suez Canal.
S&P Global noted that any PMI reading above 50 indicates growth in the non-oil sector, while readings below 50 signal a contraction.
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