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Financial News: Egypt Non-Oil Private Sector Downturn Continues In May

Egypt Non-Oil Private Sector Downturn Continues In May

06/05/2017 - 01:10:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity deteriorated for the twentieth consecutive month in May, survey figures from Emirates NBD and IHS Markit showed Monday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, edged down to 47.3 in May from 47.4 in April. Any reading below 50 suggests contraction in the sector.

Among components, output, new orders and employment all decreased at marked rates in May. In contrast, new exports rose at the fastest pace since the inception of the series in April 2011.

On the price front, input prices rose sharply in May, driven by higher purchasing costs and the the weakness of the Egyptian pound relative to the US dollar. Output price inflation eased to a 15-month low.

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