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Financial News: Egypt Non-Oil Private Sector Contraction Continues In June

Egypt Non-Oil Private Sector Contraction Continues In June

07/04/2017 - 01:20:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity deteriorated further in June, survey figures from Emirates NBD and IHS Markit showed Tuesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, dropped to 47.2 in June from 47.3 in May. Any reading below 50 suggests contraction in the sector.

The overall contraction in June was mainly driven by marked falls in output and new orders. Meanwhile, new export orders grew for the third straight month.

Firms continued to cut payroll numbers in June, though the rate of job shedding eased from May.

On the price front, currency weakness led to further input price pressures, and firms raised average selling prices but at the slowest pace in 16 months.

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