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Financial News: Egypt Non-Oil Private Sector Shrinks In December

Egypt Non-Oil Private Sector Shrinks In December

01/04/2022 - 03:46:00 (RTTNews)

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

The Purchasing Managers' Index, or PMI, rose to 49.0 in December from 48.7 in November. Any reading below 50 indicates contraction in the sector.

Output and new orders declined in December. Export orders were the strongest since February and new business improved.

Input cost inflation eased in December, while selling prices rose at a solid pace.

Business confidence increased fractionally in December, but hopes for a recovery from pandemic conflicted with the spread of the Omicron variant and impact of higher prices.

Employment declined further in December and backlogs of work increased. Delivery time lengthened for the second straight month.

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