Egypt Non-Private Sector Downturn Continues In September
Egypt’s non-oil private sector activity contracted further in September amid inflationary pressures, energy rationing, import restrictions, and weak demand, survey data from S&P Global showed on Tuesday.
The Purchasing Managers’ Index, or PMI, stood at 47.6 in September, unchanged from August. However, any reading below 50 indicates contraction in the sector.
The marked fall in output was attributed to energy rationing, part shortages and weak demand.
New orders also fell at a solid rate, as high prices and client hesitancy curtailed demand. Nonetheless, the rate of decline was the slowest in seven months.
Input price inflation accelerated to a 3-month high in September, led by increased energy, material, and wage expenses along with unfavorable exchange rate movements. Output price inflation also remained sharp.
Employment rose for the third successive month, but the rate of job creation was only marginal.
The outlook for future business activity in the non-oil sector improved from August’s near-survey low.
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