Egypt’s PMI sees steep drop during March amid coronavirus

Egypt’ manufacturing Purchasing Managers’ Index (PMI) dropped significantly to 44.2 in March 2020 from 47.1 in February as a result of the spread of coronavirus according to IHS Markit.

This was the eighth straight month of contraction in the non-oil private sector and the steepest in three years, amid severe damage caused by the coronavirus pandemic, mainly in tourism activity.

Output fell the most in over three years, new orders shrank markedly, and export sales declined at the fastest rate in over seven years.

In addition there was further drop in employment; while input purchases fell at the steepest rate in more than three years.

On the price front, input cost inflation remained subdued, with output prices falling less.