Egypt’s non-oil business activity slowdown stretches to one year -PMI

Business activity in Egypt shrank for the 12th consecutive month in September, with output declining the most in five months and a weakening currency pushing up prices, a survey on Wednesday found.

The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector stood at 46.3 points, down from August’s 47.0 points and well below the 50 point mark that separates growth from contraction.

“As well as marking a one-year downturn, the latest reading pointed to an accelerated contraction for the second straight month,” said Markit, which compiled the data.

Egypt has struggled to revive its economy since a popular uprising in 2011 drove away investors and tourists, hitting inflows of foreign currency it needs to import raw materials and jumpstart its domestic industries.

Source: Reuters