Egypt's PMI rises to 49.5 in May, still below growth threshold
Arab Finance: Business conditions in Egypt's non-oil private sector softened in May, with the latest S&P Global Purchasing Managers' Index (PMI) report showing tentative signs of stabilization as contractions in output and new orders eased.
The headline PMI rose to 49.5 in May from 48.5 in April, its highest level in three months, but remained below the 50.0 threshold that separates growth from contraction.
The latest reading, however, surpassed the long-run average of 48.2, signaling a relative downturn in operating conditions for the third month in a row.
Fewer firms reported declines in customer demand during May, leading to only slight reductions in output and new business at slower rates compared to April.
Still, companies cut purchasing activity at the fastest pace since October 2024, with total employment falling for a fourth consecutive month.
Most job cuts were attributed to not replacing voluntary leavers, with a little change in unfinished business.
Input cost inflation accelerated to its highest level this year, driven by rising supplier prices and volatile exchange rates, particularly against the USD.
Businesses pointed to higher fuel, cement, and paper costs, while wage expenses increased slightly.
In response, selling prices rose sharply in May for seven months, following flatlining in April, as firms passed on part of the cost burden to customers.
Despite these challenges, business confidence improved slightly from April.
However, expectations for future activity remained historically subdued, with many firms citing persistent inflationary pressures and weak demand as ongoing concerns.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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