Egypt Business Gauge Hits Highest Since 2021 After Devaluation
This article is for subscribers only.
A key index of activity in Egypt’s non-oil economy climbed to its highest level in almost three years, finally approaching growth territory as inflation cooled and foreign currency became more available after a steep devaluation.
The Purchasing Managers’ Index compiled by S&P Global, which measures the performance of the private sector, rose to 49.6 in May from 47.4 the month before. Though still below the 50 mark that separates expansion from decline, it’s at the highest since August 2021, according to a report published Tuesday.