Egypt’s non-oil private sector saw worsening business conditions in December, with output and new orders shrinking at the fastest pace in eight months, according to a private survey by S&P Global. Inflation and currency volatility drive challenges The seasonally adjusted S&P Global Egypt Purchasing Managers’ Index (PMI), a key measure of operating conditions in the non-oil private sector, fell to 48.1 in December from 49.2 in November. This marks the fourth consecutive month of contraction, with a reading below 50 signaling a decline. “The latest Egypt PMI data showed that the non-oil private sector’s anticipated recovery is unlikely to be…
Author: Rana Salem
Egypt’s Ministry of Planning, Economic Development, and International Cooperation has forecasted a 4% growth rate for the country’s Gross Domestic Product (GDP) in fiscal year (FY) 2024/2025, a statement showed on December 31. Q1 growth In the first quarter of FY 2024/2025, Egypt’s economy grew by 3.5%, up from 2.7% in the same quarter last year. The ministry attributed the growth to government reforms stabilizing the macroeconomy and improving public investment governance. These efforts boosted momentum in several sectors, especially transformative industries, despite a decline in Suez Canal revenues due to regional geopolitical challenges, the ministry noted. In Egypt, the…
Egypt’s food exports have reached $5.5 billion in the first eleven months of 2024, reflecting a 17% year-on-year increase, according to a statement released by the Food Export Council on December 31. This surge represents an $813 million increase from the $4.7 billion recorded during the January-November period of 2023, marking a record growth in recent years and positioning Egypt as an emerging force in the global food trade. Arab nations continue to lead as key importers Arab countries continue to be the largest importers of Egyptian food products, making up 53% of Egypt’s total food exports, valued at $2.94…