Mon, 05 Oct 2020 - 12:07 GMT
FILE PHOTO- Ministers partake in a Cabinet meeting
CAIRO – 5 August 2020: The rise in Egypt’s PMI during September 2020 was mainly supported by an increase in four indicators of its component sub-indicators, Assistant to the Prime Minister, Head of the Information and Decision Support Center Osama El Gohary, said Monday.
Egypt's main PMI, affiliated to IHS Markit, rose during September 2020, to the highest rate since July 2019, recording 50.4 points in September 2020, compared to 49.4 points in August.
El Gohary indicated in a statement that the production index rose to 51.0 points in September, compared to 50.5 points in August, and the new orders index rose to 51.9 points in September, compared to 51.2 points in August.
The employment index increased from 45.9 points in August to 48.3 points in September, and the inventory of purchases index rose to 50.1 points in September, compared to 49.1 points in August. The supplier delivery dates index decreased slightly to 50.8 in September, compared to 51.0 in August.
He added that the non-oil private economy is witnessing a modest shift for the better after the devastating impact of the COVID-19 pandemic, as production and new orders remained within the scope of expansion for a period of three months, indicating to a more optimistic picture for the third quarter of 2020.
The report also stated that Egyptian companies remained confident of an expansion in production during the next 12 months, he referred.
He pointed out that the report showed an increase in production as a result of the increase in new business, as companies that witnessed an increase in demand indicated that the easing of COVID-19 restrictions contributed to an increase in market activity and the revival of export contracts.
The report also indicated that the continued increases in business backlog and the reference to employment by some companies indicate stronger employment prospects in the fourth quarter of the year.