Egypt Non-Oil Private Sector Contracts Most Since Mid-2020

(RTTNews) - Egypt's non-oil private sector activity contracted at the fastest pace since June last year, survey data from IHS Markit showed on Thursday.

The Purchasing Managers' Index, or PMI, fell to 47.7 in April from 48.0 in March. Any reading below 50 indicates contraction in the sector.

Output declined for the fifth month in a row in April, while new export orders increased.

Backlogs of work decreased in April and employment level declined at the quickest rate for four months. Purchasing activity fell and led to reduction in input stocks.

Input costs rose sharply in April and selling prices increased. The pace of input price inflation was the fastest since September 2019.

Business expectations for future output fell markedly in April.