The Clap
Egypt’s PMI index dropped to 45.2 in June.
The Deets
Consumers in Egypt are spending less and less as a number of different factors take a toll on the economy.
The devaluation of the EGP coupled with rising prices due to supply shortages gives consumers more and more reason not to spend.
The PMI has gone down further from 47 in May to 45.2 in June, indicating that things are still getting worse.
PMI Index
The PMI is an indicator of business activity. Generally, a figure above 50 indicates expansion in business activity while a figure below 50 indicates contraction.
To read the full press release, click here.
Egypt’s businesses are hurting as PMI index drops 🤕
