The contraction in Egypt's non-oil private-sector slowed in December for th...
CAIRO - The contraction in Egypt’s non-oil private-sector slowed in December for the first time in three months, suggesting an easing of a downturn that began in August, a survey showed on Monday.
The IHS Markit Egypt Purchasing Managers’ Index rose to 48.2, up from 47.9 in November but staying below the 50.0 threshold that separates growth from contraction. Output edged up to 47.1 from 46.6, with some firms mentioning that liquidity issues restricted business activity. New orders stood at 47.9, extending a run of contraction to five months, though it was up from November’s reading of 47.0.
“That said, headwinds remain on the external front, with new export orders falling at the steepest rate in over three years.”It remained to be seen whether lower inflation in input costs due to the strengthening of Egypt’s pound against the dollar could lead to a reinvigoration of the non-oil sector, Owen said.
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