Finance Ministry: PMI reflects rebounding Egyptian economy

CAIRO - 8 December 2020: The non-oil private sector has overcome the negative impact of the coronavirus pandemic, the finance minister assured Tuesday. 

Mohamed Ma’it said the Purchasing Mangers’ Index (PMI) – which assesses the performance of the top 400 private sector firms in Egypt - slightly declined from 51.4 points in October to 50.9 in November.

The latest reading marked the third monthly expansion in the sector, which, according to Ma’it, sends a clear message about a rebounding private sector in Egypt.

He also pointed to an increase in new exports for the fifth month in a row, believing this improvement in the performance of companies reflects a strong economy in Egypt.
 

But the minister still acknowledged a gap between the economic performance before and after the pandemic. This, Ma’it said, could easily be handled if economic improvement and financial incitements prevail.
 

Rising orders and increased backlogs led some firms to expand their workforces, the PMI showed.
 

On the price front, input prices inflation eased, leading to a slower increase in average selling charges, according to the PMI.