S&P Global: Egypt’s economic situation worsens due to rising...| MENAFN.COM

Friday, 09 December 2022 06:29 GMT

S&P Global: Egypt’s economic situation worsens due to rising inflation


(MENAFN) Business situations in Egypt’s non-oil economy carry on to be under tension with the nation’s Purchasing Managers’ Index remaining unaffected at 47.6 this month in comparison with the prior month, in line with S&P Global.

As shown by S&P Global, a PMI over 50.0 marks expansion, whereas those under 50.0 indicates declines.

Egypt’s PMI indicates a firm decline in business situations, albeit one that was the mutual-worst for seven months, as inflationary weights, energy rationing, import sanctions, as well as feeble request remain to effect the nation’s non-oil economy.

“Non-oil activity in Egypt continued to suffer from weak demand, geopolitical tensions and surging inflation in the final month of the third quarter,” as stated by Shreeya Patel, an economist at S&P Global Market Intelligence.

She also mentioned that “Firms nevertheless remain hopeful that macroeconomic conditions would improve in the medium-term, but for now, non-oil Egyptian businesses are challenged to operate in an environment which includes persistently high prices, weak demand and growing uncertainty.”

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