Plus   Neg

Egypt Non-oil Private Sector Deteriorates Marginally

Egypt's non-oil private sector activity logged further marginal contraction in February, survey data from IHS Markit showed Monday.

The seasonally adjusted Emirates NBD Egypt Purchasing Managers' Index, or PMI dropped to 49.7 in February from 49.7 in January.

Any reading below 50 suggests contraction in the sector.

"New orders, new export orders, and business optimism were all in positive territory, supporting our view of a strengthening Egyptian economy, and our expectation that the headline figure will begin to breach the 50.0 level more consistently in the coming quarters," Daniel Richards, MENA Economist at Emirates NBD, said.

by RTT Staff Writer

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