Business confidence hits four-year high in July, even though PMI stays in contraction

Egypt’s non-oil private sector saw its strongest business confidence since mid-2022 in July Purchasing Managers’ Index (PMI) report (pdf) June’s 41-month low of 46.0

Demand is still dragging:

The pressure is showing up in backlogs:

Firms are buying less:

Prices are the bright spot:

“The upshift in business confidence in July showed that firms saw some light at the end of the tunnel,”