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Egypt's non-oil business activity downturn softens: PMI

Reuters , Sunday 5 Nov 2017
Egypt
A factory worker works at a spinning factory on the outskirts of Cairo, Egypt, January 30, 2017 Reuters
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Egypt’s non-oil private sector business activity shrank at a slower pace in October as business confidence hit a 26-month high and contractions in output, new orders and employment all eased, a survey showed on Sunday.

The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector rose to 48.4 in October from 47.4 a month before but remained below the 50 mark that separates growth from contraction.

“Output, new orders and employment declined at a slower rate in October compared with September and new export orders increased on average last month, after declining in September,” said Khatija Haque, Head of MENA Research at Emirates NBD.

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