Pre-Trading Thoughts

Government sources said that the Ministry of Finance has raised expected VAT revenues in the next fiscal year to EGP835 billion, an increase of 25% over the budget estimates for the current year 2023-2024, due to high inflation rates. Egypt Purchasing Managers’ Index (PMI) rose from 47.1 in February to 47.6 in March, indicating a softer, but still-solid deterioration in the health of the non oil private sector. Output and new orders' volumes declined, yet input and output price inflatio...