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PMI rises slightly in June

Egypt’s non-oil private-sector business activity grew slightly in June compared to May’s, but remained in contraction with reductions in output and new orders, a survey showed Tuesday. The PMI for the private sector excluding the oil industry rose to 49.4 in June from 49.2 in May, below the 50 mark, which separates growth from contraction. Output contracted for the second month running, driven by weaker demand, the survey said. Companies that reported a reduction in new orders linked the decline to market stagnation. “June saw a further contraction in the volume of new business received by Egyptian non-oil private sector businesses,” it said.