Egypt: Growth of the non-oil sector for the first time in 8 months
Non-oil private sector activity in Egypt
rose for the first time in eight months in April, the highest reading since August 2015. The Non-Oil Purchasing Managers Index (PMI) of Egypt, a subsidiary of Emirates NBD , rose to 50.8 points from 49.9 in March, surpassing the 50 level between growth and contraction for the first time since August last year.
April is the highest in more than three and a half years, the sixth reading above the 50 level since then.
Analysts have largely linked the improvement in overall trade conditions to "improved market improvement and increased demand."
The sub-index of production returned to growth, rising to 51.1 in April from 49.9 in March. This comes after a significant increase last month, exceeded 3 points, to score the highest index since August.
"The improvement since the first quarter - the average purchasing managers' index from January to March was only 48.9 points - wide, with most of the sub-components of the index showing positive readings," said Daniel Richards, Emirates NBD economist for the Middle East and North Africa. Higher than 50 points. "
He added that the index of production was positive for the first time since November 2017 "as companies indicated strong demand rates, and a positive reading of new requests for the second month in a row bodes well for the continuation of this subsequent readings."
This increase in optimism is reflected in their employment rates, with the employment rate reading above 50.0 points - albeit marginally - for the first time since 2015.