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

Egypt Non-Oil Private Sector Activity Declines Further

04/05/2021 - 08:15:00 (RTTNews)

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

The Purchasing Managers' Index, or PMI, fell to 48.0 in March from 49.3 in February. Any reading below 50 indicates contraction in the sector.

Output and new business declined at a faster rate in March. New business inflow fell at the quicker rate, while export sales decreased for the first time in three months.

Backlogs of work fell for the third month in a row in March and the number of workforce declined.

Purchasing activity decreased in March, while input deliveries delayed since June last year.

Input price inflation softened to the lowest in nine months in March and output prices increased.

Economic outlook for the next 12 months increased in March. Overall business optimism rose to the highest level in twenty-nine months.

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