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Thndr Claps » EGY Claps » Economy 🏙 » Slight increase in PMI

Slight increase in PMI

by Ziad Amin
June 5, 2022
Claps

The Clap
The purchasing managers’ index rose from 46.9 points in April 2022 to 47 points in May 2022.

The deets
The report indicated that hyperinflation led to a sharp drop in demand and an increase in business expenditures.

The report also indicated that production costs increased to their highest level in 6 months, due to the increase in prices globally and the depreciation of the pound against the dollar, in addition to the ban on a number of imported goods.

Why this matters
Although the index increased in May, inflationary pressures and currency devaluation continue to restrict non-oil private sector activity in Egypt.

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