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Financial News: Egypt Non-Oil Private Sector Activity At 2-Year Low

Egypt Non-Oil Private Sector Activity At 2-Year Low

07/06/2022 - 08:57:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity deteriorated at the fastest pace in two years in June, survey data from S&P Global showed on Wednesday.

The Purchasing Managers' Index, or PMI, fell to 45.2 in June from 47.0 in May. Any reading below 50 indicates contraction in the sector.

The latest reading was the lowest since June 2020, during the first wave of the Covid-19 pandemic.

Output and new orders decreased to the lowest since the second quarter of 2020.

Input costs rose in June and the devaluation of pound against US dollar led to higher import fees. Staffing costs increased at the fastest pace for eight months.

Output charges increased at the fastest rate since February 2017, with the monthly inflation rising to the largest seen since April 2011.

Input buying declined at the sharpest pace since April 2020 and staffing capacity lowered at a softer rate recorded since March.

Suppliers' lead time lengthened to the greatest extent since February 2017 and backlogs of work grew for the first time in six months.

The degree of confidence for the coming year increased in June and the overall sentiment rose for to the highest in five months with the hope that the activity will star to recover.

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