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Financial News: Egypt Non-Oil Private Sector Activity Declines Further

Egypt Non-Oil Private Sector Activity Declines Further

02/03/2021 - 06:36:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity deteriorated at a softer pace in January, survey data from IHS Markit showed on Wednesday.

The Purchasing Managers' Index, or PMI, rose to 48.7 in January from 48.2 in December. Any reading below 50 indicates contraction in the sector.

In January, output fell as new work volumes decreased. Overall sales eased due to the upturn in exports and improvement in the domestic market.

Employment declined at the softest rate in the current fifteen-month sequence. Backlogs of work dropped for the first time since April last year.

Input purchase volume declined for the second straight month in January and the rate of reduction was the sharpest in four years. Suppliers' delivery time lengthened.

Purchasing cost increased at the quickest rate in three months in January and the rise in average prices charged was the slowest since August last year.

The outlook for the 12-month business activity improved to the highest in six months in January on hopes of the Covid-19 vaccine roll-out around the world.

"The downturn in the non-oil economy extended to a second consecutive month in January, although the rate of decline softened from December and was modest, particularly compared with the marked contraction suffered during the global COVID-19 lockdown," IHS Markit economist David Owen said.

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