Export orders in Egypt grew at record pace -PMI

New export orders growing at survey-record pace was the highlight of an otherwise disappointing May reading of yesterday’s Emirates NBD Egypt PMI. The gauge came in at 47.3, broadly unchanged from last month’s 47.4. Overall business conditions worsened in May, marked by reductions to output and new orders. The rate of contraction, however, was the second-weakest in nine months. Another positive note was the increase in purchasing activity for the first time in 21 months. “Egypt’s private sector appears to be stabilizing, with the PMI largely unchanged from April. Encouragingly, new exports orders rose at the fastest rate on record in May, suggesting that the sharp devaluation of the pound in November is having a positive impact on exports,” Khatija Haque, Head of MENA Research at Emirates NBD, commented.