Egypt Non-Oil Private Sector Downturn Continues In August

(RTTNews) - Egypt's non-oil private sector activity deteriorated further in August, though the rate of contraction slower than in July, survey figures from Emirates NBD and IHS Markit showed Wednesday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, rose to 48.9 in August from 48.6 in July. However, any reading below 50 suggests contraction in the sector.

Among components, output fell at the joint-weakest rate in the current 23-month period of contraction. New orders dropped marginally, while new export work increased markedly.

Faced with lower output requirements, firms reduced both their payroll numbers and purchasing activity accordingly.

On the price front, input price inflation remained elevated in August, though softened from the prior month. At the same time, firms continued to raise their selling prices.