Emirates NBD has published Purchasing Managers’ Index for the Egyptian private economy. PMI is definitely positive and Emirates NBD assumes that is is positive mark for the entire economic agenda pushed by Egypt and the creditors, IMF and the World Bank.
“The positive PMI reading for the first month of the new fiscal year supports our view that real GDP growth will strengthen in 2018/19 as there is a greater recovery in the private sector, supported by gradual monetary policy normalization, improved political stability and a rebound in the tourism sector,” Daniel Richards, MENA Economist at Emirates NBD, said in the statement, cited by Bloomberg
The main drivers of the PMI were tourism and the non-oil production. The index climbed to 50.3 from 49.4 in June, with readings above 50 signaling an expansion. Rise in new orders reached the highest level since November 2017. Annual inflation in July came in at 13.5 percent, down from 14.4 percent the previous month and more than 30 percent for much of last year.