Egypt’s private economy sees 1-year peak: PMI
A contraction seen in Egypt’s non-oil private sector had eased in July, slowing at its most gradual pace in a year. This could be attributed to parts of the economy resuming operations after months of lockdown, with output and new orders monitored growing, a survey showed on Wednesday.
IHS Markit’s Purchasing Managers’ Index (PMI) rendered a 49.6 reading, advancing from its June record of 44.6. The figure placed just below the 50.0 threshold that separates expansion from contraction.
Private non-oil activity, which consistently contracts on a monthly basis since July 2019, was seen at its weakest in June as it placed at 29.7. This followed after the pandemic ravaged the country in mid-March.
After flights were suspended on March 19, the government decided to ease travel and tourism restrictions on July 1. Moreover, restaurants and cafes were also reopened.