HSBC: #Egypt may see economic progress in 2014

Egypt is seeing encouraging signs, showing promise of economic progress in 2014, after losing ground over the past three years, according to a report released on Monday by HSBC.

The report pointed to a record rise in economic activity, increase of new order intakes and a rise in cost inflation.

“We expect to see the index push higher over in 2014, as Egypt begins to recover some of the ground it has lost,” said Liz Martins, an economist at HSBC.

Relatively stable conditions have also allowed exports and foreign client demand to rise. Fifteen percent of respondents reported an expansion of purchasing power.

The report also said that December 2013 saw a solid rise in activity at Egyptian non-oil producing private sector companies.

The statement, however, noted that employment levels in the country have continued to decline.

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