The Claps
Egypt’s purchasing managers’ index (PMI) recorded 46.5 points in March 2022, down from 48.1 in February.
Claps Class
The PMI measures whether conditions for non-oil businesses are expanding, staying the same, or contracting from the point of view of purchasing managers.
The Deets
According to a S&P Global report, the strong decline in output growth is a result of the inflationary pressures & currency devaluation. Several companies reported that the 14% devaluation increased costs of importing.
The Russian-Ukrainian war also curbed the economy, with prices of commodities increasing. This affects the whole outlook for the economic activity this year.
