The wave of African PMI data started yesterday and will continue today.
With market focus centred on growth and inflation dynamics, the latest round of PMI data will offer valuable high-frequency insight into the health of many of Africa’s key economies. Yesterday saw the release of the September economy-wide PMI for Egypt and Nigeria.
The PMI data confirmed that business conditions in Egypt’s non-oil economy remained under strain from inflationary pressures, energy rationing, import restrictions and weak demand in September. Specifically, Egypt’s headline PMI reading came in at 47.6, unchanged from August. In contrast, business conditions in Nigeria continued to improve in September.
Nigeria’s headline PMI reading came in at a five-month high of 53.7 in September, up from 52.3 in August, amid sharper rises in output and new orders.