Recovery in private sector activity is losing momentum as global headwinds abound
The PMI index retreated in September to its lowest reading since May 2021 and remained in contraction territory for the tenth consecutive month. The headline index fell to 48.9 in September from 49.8 in August. Having peaked in 2021 at 49.9 in June, the index has been fluctuating since then, sending mixed signs about the sustainability of its recovery path. Also, such fluctuations reflect the growing headwinds triggered by the Delta variant and persistent global supply chain bottlenecks.
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Mona Bedeir
Chief Economist
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