Global supply disruptions continued to take their toll on the private sector recovery, dampening optimism over the outlook:
Egypt’s PMI index fell again in October to 48.7 from 48.9 in September, posting its lowest reading since May 2021 and remained in contraction territory for the eleventh consecutive month. Foreign demand continued to fall as export sales dropped at the fastest pace in 17 months, but domestic demand stayed relatively strong. Despite the positive domestic demand conditions, thanks to the fast rebound in the tourism sector and its related activities, new orders index declined to its lowest since July 2021 against the backdrop of the fall in export orders.
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Mona Bedeir
Chief Economist
T +202 3300 5722