Gulf non-oil sector recovers Egypt nears growth
The data from the Purchasing Managers' Indexes for August indicate that the non-oil private sector in the Gulf region is experiencing a varying recovery. Saudi Arabia and Kuwait continue to record significant growth, while Egypt's sector is approaching a return to growth after months of contraction. Both Saudi Arabia and Kuwait posted readings above 50 points, signifying an expansion in economic activity. Egypt's index rose to 49.6, still just below the growth threshold of 50 points, benefiting from a decline in new orders, increased employment, and higher business confidence. However, all three economies faced cost pressures, especially due to rising raw material and oil prices. Labor markets showed signs of improvement, and confidence expectations increased, suggesting emerging recovery paths amid cost challenges and regional conflicts.
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