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Financial News: Egypt Non-Oil Private Sector Shrinks On Supply Chain

Egypt Non-Oil Private Sector Shrinks On Supply Chain Crisis

11/03/2021 - 08:03:00 (RTTNews)

(RTTNews) - Egypt's non-oil private sector continued to contract in October as supply chain crisis weighed on production and lifted input and output costs, survey data from IHS Markit showed on Wednesday.

The Purchasing Managers' Index, or PMI, fell to 48.7 in October from 48.9 in September. Any reading below 50 indicates contraction in the sector.

Stocks of inputs declined to the greatest extent since June last year and input buying rose for the third straight month in October.

The input price inflation and output prices increased at the fastest rates since August 2018.

Employment increased in October and backlogs of work rose for the third time in four months.

Having previously been less impacted than Europe and other regions, Egyptian firms started to feel the burden of material shortages on both output and inventories, with the latter decreasing at the sharpest rate in 16 months, David Owen, an economist at IHS Markit, said. "This will likely spill over into further reductions in output by the end of the year."

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