{"id":618174,"date":"2024-04-03T00:00:00","date_gmt":"2024-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/03\/this-evening-egypts-pmi-increased-slightly-to-47-6-in-march\/"},"modified":"2024-04-03T00:00:00","modified_gmt":"2024-04-03T00:00:00","slug":"this-evening-egypts-pmi-increased-slightly-to-47-6-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/03\/this-evening-egypts-pmi-increased-slightly-to-47-6-in-march\/","title":{"rendered":"THIS EVENING: Egypt\u2019s PMI increased slightly to 47.6 in March"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy almost-Thursday. <\/strong>We have some updates on our PMI figures that arrived earlier during the business day. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Egypt\u2019s non-oil sector activity declined at a slower pace in March: <\/strong>Egypt\u2019s purchasing manager index (PMI) figure \u2014 which tracks the country\u2019s non-oil business sector \u2014 rose slightly to 47.6 in March,up from 47.1 in February<\/a>, according to S&P Global\u2019s Egypt PMI (pdf)<\/a>. This indicates a \u201csofter but still-solid deterioration,\u201d due to persistent currency challenges and pressure stemming from disruption in the Red Sea.<\/p>\n

Monetary policy shifts could sound relief: <\/strong>Recent measures to combat Egypt\u2019s currency crisis \u2014 including the raising of interest rates, and the floating of the EGP \u2014 may bring some relief to price pressures and could begin to \u201creverse the damage,\u201d commented David Owen, Senior Economist at S&P Global Market Intelligence. <\/p>\n

We\u2019re seeing signs of hope already: <\/strong>Input cost and output price inflation rates slowed to three-month lows thanks to improved currency exchange market conditions.<\/p>\n

Want a deeper dive?<\/strong> We\u2019ll have the full run-down of how Egypt\u2019s non-oil business sector performed in March, in tomorrow\u2019s AM edition. <\/p>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

T<\/strong>aiwan hit<\/strong> by its biggest earthquake in a quarter century:<\/strong> A 7.4 magnitude earthquake struck Taiwan this morning, killing at least nine people and injuring 934. The earthquake, which was the strongest Taiwan has seen in at least 25 years, tore down dozens of buildings and caused landslides, with aftershocks felt in parts of the Chinese mainland. (Reuters<\/a> | Washington Post<\/a> | Bloomberg<\/a> | Associated Press<\/a> | NY Times<\/a>)<\/p>\n

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