Egypt Non-Oil Private Sector Downturn Eases In July

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

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI, rose to 48.6 in July from 47.2 in June. However, any reading below 50 suggests contraction in the sector.

Among components, new orders stabilized in July, while output declined at the slowest pace in twelve months. In response to lower output requirements, firms reduced their staffing levels.

On the price front, input price inflation accelerated to the fastest since January. As a result, firms raised output charges at the strongest pace in five months.