Egypt’s non-oil economy suffers deepest downturn in 3.5 years as demand collapses
RIYADH: Egypt’s non-oil private sector contracted at its sharpest pace in nearly three-and-a-half years in June as demand weakness intensified and supply disruptions persisted, data showed.
The headline S&P Global Egypt Purchasing Managers’ Index fell to 46 in June from 47.1 in May, marking a sixth straight month below the neutral 50 threshold and the lowest reading since January 2023.
Egypt’s weak reading contrasted with Saudi Arabia, where the non-oil PMI climbed to 53.3 in June, while Kuwait and Qatar remained in contraction at 46.4 and 47.6, respectively, underscoring uneven business conditions across the Gulf and wider Middle East amid regional tensions.
The reading extended the contraction in Egypt’s non-oil private sector to a sixth consecutive month, underscoring the impact of the Middle East conflict on trade, supply chains, and overall demand.
