Egypt Shrinks as Gulf Non-Oil Growth Rises
The "Standard & Poor’s Global" report shows a divergence in the performance of the non-oil private sector in Egypt, the UAE, and Saudi Arabia during September. In Egypt, activity contracted significantly, with the PMI dropping to 47.2 points due to declines in production and new orders, despite employment increasing for the second consecutive month and inflation slowing amid rising input costs. Conversely, the UAE experienced strong growth, with the PMI rising to 55.3 points, driven by increased demand and new business inflows, although future outlooks softened. Saudi Arabia saw the fastest non-oil activity growth since February, with the PMI climbing to 55.3 points, and an increase in Orders, despite declining future confidence amid regional tensions. Overall, the report indicates that the Egyptian economy is facing a contraction, while the UAE and Saudi Arabia are recording notable growth in the non-oil sector.
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