Egypt Non-Oil Private Sector Contraction Continues In September

(RTTNews) - Egypt's non-oil private sector activity deteriorated further in September, but firms were strongly optimistic towards growth prospects, survey figures from Emirates NBD and IHS Markit showed Tuesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, dropped to 47.4 in September from 48.9 in August. Any reading below 50 suggests contraction in the sector.

Among components, both output and new orders fell at a faster rate in September as domestic demand remained weak, while job shedding accelerated to the fastest in eight months.

"However, businesses were more upbeat about the outlook for the coming year, with expectations for as a more stable currency and lower inflation," Khatija Haque, Head of MENA Research at Emirates NBD, said.