Egyptian business activity expands in December
07 Jan 2015
(MENAFN) Egypt’s business activity registered its fastest expansion rate in three months in December, due to an increase in both output and export demand, Gulf News reported.
The HSBC Egypt Purchasing Managers Index (PMI) for the non-oil private sector rose to 51.4 points in December, from 50.7 points the previous month, reaching its highest level since registering a near-record 52.4 points in September.
“Egypt is yet to regain momentum but a fifth consecutive score above 50.0 reinforces our view that the economy continues to stabilize. We look for a pickup in growth in 2015, albeit off a low base,” Chief Economist for the Middle East at HSBC said.
The latest data shows that the output rose at its fastest level in three months in December, with the output sub index reaching 51.8 points, while the new orders index rose to 52.8 points, with the rise in new orders was driven by foreign demand, with new export orders rising to 52.4 points.