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

Egypt Non-Oil Private Sector Downturn Eases In October

11/05/2017 - 23:29:00 (RTTNews)

(RTTNews) - The downturn in the Egyptian non-oil private sector softened in October, survey figures from Emirates NBD and IHS Markit showed Monday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, rose to 48.4 in October from 47.4 in September. However, any reading below 50 suggests contraction in the sector.

Among components, output, new orders and employment all declined at slower rate compared with September, while new export orders rebounded.

On the prices front, both input and output price inflation softened in October.

Finally, business confidence hit a 26-month high, signalling strong optimism towards future growth prospects, with many expecting economic stability over the coming year.

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