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Financial News: Egypt Non-Oil Private Sector Declines Further

Egypt Non-Oil Private Sector Declines Further

10/05/2021 - 07:48:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector activity declined to the lowest in fourth months in September, survey data from IHS Markit showed on Tuesday.

The Purchasing Managers' Index, or PMI, fell to 48.9 in September from 49.8 in August. Any reading below 50 indicates contraction in the sector.

Output and new orders declined in September.

Firms confidence increased for the next 12 months in September and the overall level of optimism climbed to the highest recorded since the series began in April 2012.

The number of employed increased for the third straight month and backlogs of work rose slightly in September.

Purchasing activity rose in September and suppliers' delivery time improved.

Input prices accelerated to the fastest in under three years and the rate of output charge inflation eased in September.

"The rise coincided with a faster vaccination program in Egypt and a further relaxation of travel measures that should aid tourism income in the fourth quarter," David Owen, an economist at IHS Markit, said.

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