While optimism about future output was limited, with only 9% of respondents expecting growth, concerns about” recessionary conditions” remained prevalent
There were signs of positive growth, as both output and new orders experienced slower declines, with the slowed decline suggesting a potential stabilization. The report also pointed towards easing inflationary pressures
Purchase prices were mostly unchanged as exchange rates steadied, with selling prices rising at a quicker pace. S&P noted that selling prices were still weaker in comparison to recent numbers
"The latest PMI figures for Egypt provided some promising hints for the direction of the non-oil economy, particularly on inflation,” explained David Owen, Senior Economist at S&P Global Market Intelligence
S&P maintained its global long- and short-term issuer credit ratings for these banks at “B/B"