Egypt’s PMI expands for 1st time in 14 months, non-oil private sector grows

Egypt’s non-oil private sector grew in September, its first expansion in 14 months and a sign Egypt may be over the worst of a months-long coronavirus slowdown, a survey showed on Monday.

IHS Markit’s Purchasing Managers’ Index (PMI) came in at 50.4, up from 49.4 in August and marginally above the 50.0 threshold that separates growth from contraction.

It was the first time activity in the private non-oil economy expanded since July 2019, when the index was at 50.3.

On the other hand, the non-oil private sectors in the Arab world’s three largest economies returned to growth in September, with Egypt seeing its first expansion in 14 months according to Bloomberg.

A measure of non-oil private sector activity in Saudi Arabia, Egypt and the United Arab Emirates rose last month above the threshold of 50 that separates growth from contraction, according to Purchasing Managers’ Index surveys compiled by IHS Markit.