Thursday, August 3, 2017

Egypt's PMI rises in July, order up for first time in almost two years

The National:

Non-oil private-sector growth in Egypt, north Africa's largest economy, rose in July, lifted by a rise in new export orders, according to the latest purchasing managers’ index produced by IHS Market.  

While firms saw a sharp pick-up in input cost inflation, overall the survey showed increasing signs of stability in a country that has been through an elongated period of economic stress, as new orders stopped a 21-month decline. 

The Egypt purchasing managers’ index (PMI) rose to 48.6 last month compared with 47.2 in June, said Emirates NBD, the sponsor.  

“Egypt’s economy appears to be stabilizing, with new orders unchanged in July following nearly 2 years of contraction," said Khatija Haque, head of Middle East and North Africa research at Emirates NBD. 

Egypt continues to move from bad to less bad which will bode well for the stock market if this trend continues. I am long the Egypt ETF (EGPT).

No comments:

Related Posts Plugin for WordPress, Blogger...