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Financial News: Egypt Non-Oil Private Sector Declines In July

Egypt Non-Oil Private Sector Declines In July

08/03/2021 - 07:28:00 (RTTNews)

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

The Purchasing Managers' Index, or PMI, fell to 49.1 in July from 49.9 in June. Any reading below 50 indicates contraction in the sector.

Output decreased for the seventh time in eight months and new orders declined in July.

Staffing level increased for the first time since October 2019 and backlogs of work increased for eight months.

Confidence for the coming year continued to exceed the series average in July on hopes that the pandemic will end. Delivery time lengthened in July.

Input price inflation was the lowest since March and output charges increased in July.

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