{"id":691685,"date":"2026-04-05T00:00:00","date_gmt":"2026-04-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=691685"},"modified":"2026-04-05T13:35:29","modified_gmt":"2026-04-05T13:35:29","slug":"pmi-hits-23-month-low-as-non-oil-activity-contracts-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/05\/pmi-hits-23-month-low-as-non-oil-activity-contracts-in-march\/","title":{"rendered":"PMI hits 23-month low as non-oil activity contracts in March"},"content":{"rendered":"

Good afternoon, dearest readers, welcome to the first full workweek of April<\/strong>, and happy Palm Sunday to those who celebrate. We\u2019ve been sent good weather (and lots of news to unpack).<\/p>\n

Today\u2019s issue may be a little packed, but it\u2019s one that\u2019ll fly by.<\/strong> We ask the International Finance Corporation\u2019s Cheick-Oumar Sylla what makes a great leader, dissect the politics behind music in one of our new favorite podcasts, explore the impact of the regional war on Egypt\u2019s garment sector, and, you guessed it, much more.<\/p>\n

Without further ado, let\u2019s dive right in<\/strong> \u2014 and as usual, first up is the news\u2026<\/p>\n

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

\ud83d\udccd Egypt\u2019s non-oil private sector hit a <\/strong>23-month low<\/strong> in March as the S&P Global Egypt PMI <\/strong>fell to 48.0<\/a><\/strong>, marking the quickest deterioration in operating conditions since April 2024, according to an S&P report. The downturn was fueled by the regional conflict, which has hardened into a primary macroeconomic drag, dampening client demand and triggering the sharpest spike in input costs since late 2024.<\/p>\n

Firms responded by raising selling prices at the quickest pace in 10 months<\/strong>, while business sentiment turned negative for the first time on record amid heightened uncertainty. Still, S&P Global Senior Economist David Owen pointed to a silver lining, noting that \u201cthe latest figure of 48.0 still relates to annual GDP growth of around 4.3%,\u201d suggesting that, despite the slowdown, the non-oil sector remains on a \u201csolid underlying growth path.\u201d<\/p>\n

^^ We\u2019ll have more details in tomorrow\u2019s edition of EnterpriseAM.<\/p>\n

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

\ud83c\udf10 Dominating the headlines this afternoon:<\/strong> US President Donald Trump confirmed that the US airman who went missing in Iran on Friday has been rescued. The airman was the second crew member of a downed F-15E fighter jet, whose crash prompted a two-day search. Trump said he sustained some injuries but will be \u201cjust fine.\u201d <\/p>\n

^^Read more on: CNBC<\/a>, Reuters<\/a>, and the Guardian<\/a>. <\/p>\n

MEANWHILE- OPEC+ has agreed to raise oil output by 260K barrels per day for May. <\/strong>However, the hike will likely remain theoretical as the US-Israel-Iran war continues to halt production and cut exports from key members, including Saudi Arabia, the UAE, Kuwait, and Iraq.<\/p>\n

^^Read more on: CNBC<\/a> and Reuters<\/a>.<\/p>\n

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