Egypt’s private sector grows at nearly six-year high in October: PMI

Egypt’s non-oil private sector grew in October at its strongest rate since December 2014 as rising output and new orders kept activity expanding for the second consecutive month, according to IHS Markit purchasing managers’ index (PMI) figures.

It was the second consecutive monthly improvement after 13 straight months of contraction, exacerbated earlier this year by the pandemic.

David Owen, economist at IHS Markit, described the figures as a “relatively strong upturn” but warned that continued weak employment would continue to pose problems for the economy in the coming months.