MACROView: Non-oil private sector keeps perking up in June, but demand stays depressed
Egypt/ PMI June 2020 reading
The non-oil private sector rebounded for a second consecutive month in June from a record low registered in April. The headline PMI index rose to 44.6 from 40.7 in May. The reading should be, however, interpreted with caution as it still remains in contraction territory for the eleventh month in a row. June reading showed that the economy is getting a boost from looser COVID-19 measures, and readings over the next months should also be promising as lockdown continues to relax, unless the risk of rising infection cases triggers another wave of virus restrictions.
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722