Egypt's non-oil sector edges closer to growth in June
Egypt's non-oil private sector showed more signs of improvement in June, thanks to easing price pressures and better demand prospects, months after an influx of foreign cash from the UAE and an augmented deal with the IMF, a survey showed on Thursday.
The S&P Global Purchasing Managers' Index for Egypt climbed to 49.9 in June from 49.6 in May. While remaining below the 50.0 threshold separating growth from contraction, it showed the North African nation was nearing recovery after being in contraction territory for 43 consecutive months.
"Egyptian non-oil companies saw an increase in sales volumes in June for the first time since August 2021," S&P Global said.
The survey was published a day after a reshuffled cabinet was sworn in, tasked with bringing inflation under control and boosting investment.
The new orders sub-index registered 50.2 points - the highest since August 2021. The manufacturing and services sectors showed the most promising signs, which companies said was linked to a recovery in market conditions. Construction activity contracted, however.