Egyptian non-oil business activity downturn softens: PMI

Egypt’s non-oil private sector business activity shrank at a slower pace in October as business confidence hit a 26-month high and contractions in output, new orders and employment all eased, a survey showed on Sunday.

The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector rose to 48.4 in October from 47.4 a month before but remained below the 50 mark that separates growth from contraction.

“Output, new orders and employment declined at a slower rate in October compared with September and new export orders increased on average last month, after declining in September,” said Khatija Haque, Head of MENA Research at Emirates NBD.

Source: Reuters