Egypt/ PMI October 2020 reading
Non-oil private sector expansion broadened in October for the second consecutive month. After registering its first expansion reading in 14 months in September, the private sector posted another expansion reading in October. PMI index grew to 51.4 from 50.4 in September, thanks to the rise in new order index and output index. The reading came to reflect that the pick-up in domestic demand is still gaining an impetus due to: (1) the process of normalizing economic activity and loosening health-related restriction measures; (2) back-to-school season which was expected to drive demand for electronic devices this year in particular given the new education strategy which depends on online platforms and digitalization of the education process; and (3) government initiatives to boost consumption.
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722