Women work on a production line at the mobile phone factory in Assuit, Egypt. Reuters
Egypt’s non-oil private sector economy saw renewed growth in April, according to latest PMI data. Output expanded for the first time in nearly one-and-a-half years and new business increased at a faster rate. Input purchasing and job numbers also rose, while business sentiment towards the year-ahead outlook for activity strengthened.
Egypt’s economic growth is expected to slow to 5.5% in the current fiscal year, below the government’s target, and 5.8% the following year, a Reuters poll showed, as Cairo nears the end of an IMF-backed economic reform programme.
Business sentiment around future activity soared to the highest in one-and-a-half years in August, as more Egyptian firms expressed optimism for growth.
The search for the 30,000 ‘faces’ of Expo 2020 Dubai is building momentum with Etisalat announced as the Official Premier Partner of Expo 2020 Volunteers.
In a setback for the mining industry, the government is set to reject a proposal to extend non-captive mining leases of companies that are expiring after completing 50 year period in March, 2020.
Ireland’s gross domestic product (GDP) rose by 0.7% quarter-on-quarter in the first three months of the year to stand 5.8% higher than a year ago and put the European Union’s best-performing economy in a strong position ahead of a potential Brexit shock.