Egypt’s manufacturing and extractive industries index, excluding crude oil and petroleum products, recorded a 12.61 percent monthly decline from 109.33 in March 2024 to 95.54 in April 2024.
The latest release from the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that the furniture manufacturing index in Egypt saw a 9.27 percent monthly increase from 134.60 in March to 147.08 during April 2024. The statistics agency attributes this rise to an increase in market demand for furniture products. CAPMAS also reveals that the beverage manufacturing index rose 12.07 percent from 352.76 in March to 395.34 in April.
Meanwhile, the food product manufacturing index in Egypt saw a notable decline of 19.04 percent from 152.81 in March to 123.72 in April 2024 due to the lack of raw materials necessary for production. In addition, the index for basic pharmaceutical product manufacturing declined 15.13 percent from 92.22 in March to 78.27 in April.
In April, Egypt saw a decline in overall business activity and new orders as high prices and volatile exchange rates weighed on the country’s economy, according to S&P Global’s PMI index.
Read: Oman climbs five spots in 2024 Competitive Industrial Performance Index
Since then, the country has witnessed an improvement in economic conditions, which has supported its manufacturing sector. New business and sales volumes in Egypt’s non-oil sector rose for the first time since August 2021 in June amid improvement in demand. Egypt’s manufacturing and services sectors saw new orders start to increase. However, declines in the construction, and wholesale and retail sectors painted a mixed picture of business growth.
As the government’s policy moves support the relaxation of price pressures and drive demand, Egypt’s economic conditions started stabilizing in June, raising the country’s positive future outlook.
For more news on industry, click here.
