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Financial News: Egypt Non-Oil Private Sector PMI Rises In December

Egypt Non-Oil Private Sector PMI Rises In December

01/06/2020 - 01:55:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector contracted for the fifth consecutive month in December, but the composite gauge measuring the operating conditions rose for the first time in three months, IHS Markit reported Monday.

The Purchasing Managers' Index rose to 48.2 in December from 47.9 in November. The score signaled deterioration in business conditions across the private sector.

The survey showed that output, new orders and employment all decreased, while inflationary pressures remained soft. However, expectations improved to the strongest since October.

The IHS Markit Egypt PMI showed some signs of a turnaround in December, David Owen, an economist at IHS Markit, said. Upcoming PMI releases will show whether the non-oil sector can be swiftly reinvigorated.

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