Egypt’s Purchasing Managers’ Index – a monthly economic survey that monitors the growth or decline of non-oil business activities – recorded a 33-month high during May on the back of improving demands and easing inflation rates. The report, published by Standard & Poor’s (S&P) on 4 June, shows Egypt jumping to 49.6 in May from 47.4 in April. Although the country remains below the 50 mark, indicating contraction in the private sector, it is now near growth territory. Signs of recovery emerged thanks to improved price stability following the devaluation of the currency in March and a USD 8 billion (EGP 377 billion) expanded loan agreement with the International Monetary Fund, the report explai
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