The latest data from the S&P Global Egypt Purchasing Managers’ Index (PMI) sub-components painted a mixed picture, with only the output and new orders indices keeping the headline measure below the neutral mark
Strengthening the buffers of Egypt is the first line of defense that could help the Egyptian economy withstand any additional external shock, he added.
In August’s reading, Egypt’s PMI rose to 50.4 into growth territory, breaking an almost 3-year streak in which it remained under 50.0 – which signals deterioration in economic conditions – since November 2020.
The annual inflation rate recorded 25.6% for the month of August 2024, compared to 39.7% for the same month of the previous year.
Fitch Solutions affirmed its economic forecast for Egypt’s growth in the current fiscal year (FY2024/2025), citing increased investment, a rebound in the manufacturing sector, and the expected resolution of the Gaza conflict by late 2024
