The economies of 3 major Arab countries improved, which are Egypt andSaudi AndUAEShe made her way to recover from the effects of a virus Corona, According to the Purchasing Managers’ Index (PMI) on Monday.
The index in Egypt rose to 50.4 points in September, compared to 49.4 points last August, surpassing the level of 50 points for the first time since July 2019.
And in Saudi The index rose to 50.7 points in September, compared to a decline in its record of 48.8 points in August, to record the first monthly expansion since last February, before the pandemic Corona.
The index is scored in UAE Up to 51 points in September from 49.4 in August, the highest reading in 11 months and a fresh expansion in the non-oil private sector.
The 50-point level is the boundary between growth and contraction in this index, which is based on data collected from purchasing executives in more than 400 private sector companies that represent the structure of the economy of non-oil producing countries.
The index, compiled by the IHS Markit Group, provides an accurate overview of operating conditions in non-oil private sector activity in Egypt and other countries.
David Owen, an economic researcher at IHS Markit Group, said in a press release today that recent data for the PMI in Egypt showed more “optimism” for companies, according to a statement. PMI For IHS Markit Egypt.
He added that the September index showed improvement in economic conditions for the first time in 14 months.
The statement stated that the improvement in consumer demand and export sales led to a stronger rise in business activity while inventories stabilized.
The statement mentioned that the Saudi private sector, which is not producing oil, continued its path towards recovery after the closure due to the virus epidemic Corona.
The results indicate that the indicators of production, new business and exports all point to a new expansion at the end of the third quarter.
Owen said the rise in business activity helped bring back sales as the economy began to find a foothold after the lockdown. Corona.
The Production and Demand Index rose above 50 points for the first time in 7 months, while the Production Index indicated only a marginal increase in private sector activity and was also much weaker than the average.
Saw companies Saudi New business spiked in September, and participating companies highlighted easing restrictions Corona This increased demand, supported by foreign sales and a recovery in domestic orders after VAT changes affected demand in August.
And last June it raised Saudi The value-added tax 3 times to 15%, as part of its efforts to increase its revenues.
Non-oil private sector companies have seen the UAE, Another improvement last September, according to what the index shows.
The increase was driven by a rapid rise in production levels and an additional increase in new business, according to the statement.
And companies reported UAEAnother increase in production at the end of the third quarter, extending the growth chain to four months, has accelerated since August, but remained weaker from its recent high in July.
Owen expressed concern that the recent rise in cases CoronaWhich may lead to re-imposition of the closure restrictions in the future.
These were the details of the news An international indicator: Egypt’s economy is on the road to recovering... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.