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Financial News: Egypt Non-Oil Private Sector Downturn Eases In April

Egypt Non-Oil Private Sector Downturn Eases In April

05/03/2017 - 01:36:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity deteriorated for the nineteenth successive month in April, though the rate of contraction was the slowest in nine months, survey figures from Emirates NBD and IHS Markit showed Wednesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, rose to a 9-month high of 47.4 in April from 45.9 in March. However, any reading below 50 indicates contraction in the sector.

Among components, both output and new orders continued to decline in April, albeit at slower rates. As a result, companies reduced their payroll numbers and purchasing activity.

At the same time, new exports orders grew for the first time in two years in April.

On the price front, currency weakness and a general rise in market prices were the key factors that led to increases in input costs and output charges.

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