Egypt’s PMI records contraction for sixth consecutive month
Egypt’s non-oil private sector activity contracted for the sixth consecutive month in February, falling to its slowest level since September 2017. The Purchasing Managers’ Index (PMI) for the non-oil private sector weakened to 48.2 in February from 48.5 in January, significantly below 2018’s average of 49.5 and still under the 50 mark that separates growth from contraction. A sub-index for output fell to its lowest since September 2017, at 46.7 in February versus 47.5 in January. Egyptian firms saw new orders decline at a solid rate in February, due to weakening market conditions and falling exports. The decrease in total sales was the most marked for 20 months, with foreign demand dropping at the fastest rate since October 2016. Companies pointed to weak sales, poor weather conditions and a lack of liquidity. In addition, employment at Egyptian businesses decreased slightly in February, as panellists reported employees leaving for new jobs or retiring. Nevertheless, firms continued to manage their backlogs, with outstanding business broadly unchanged.
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