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Financial News: Egypt Non-Oil Private Sector Activity Decline Slows

Egypt Non-Oil Private Sector Activity Decline Slows

08/03/2022 - 07:24:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity deteriorated at a softer pace in July, survey data from S&P Global showed on Wednesday.

The Purchasing Managers' Index, or PMI, rose to 46.4 in July from a two-year low of 45.2 in June.

This was the highest reading seen in over a year. However, any reading below 50 indicates contraction in the sector.

New order intake declined in July and output continued to fall, albeit at a softer pace.

Backlogs of work increased slightly for the second straight month.

Input price inflation rose to the highest in nearly four years due to the Covid-19 pandemic, the Russia-Ukraine war and a stronger US dollar. Selling prices increased at a softer pace with the rate of inflation second-quickest since July 2018.

Employment level remained stable in July, while purchasing activity continued to decline. Delivery times lengthened in July.

Business expectations for the coming 12 months remained subdued in July and sentiment declined sharply after rising to a five-month high in the previous month.

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