Activity in Egypt's non-oil private sector decreased for the fifth successive month in February, though at a slightly slower pace compared to the previous month, data from a survey by Markit Economics and HSBC Bank showed Tuesday.
The seasonally adjusted purchasing managers' index (PMI) for the non-oil private sector moved up to 46 in February from 45 in January. A PMI reading below 50 indicates contraction in the sector, while one above suggests expansion.
New business received by non-oil private sector firms contracted further in February. Export orders recorded a sharp fall during the month, owing mainly to the deteriorating economic and political conditions.
Production at Egyptian firms continued to decrease, due to the impact of the ongoing political instability, paired with insufficient demand. Firms reduced their workforces further during the month, though at a slower rate compared to the previous month.
Input prices increased at a slightly slower pace in February than in January, but remained solid. Reflecting the increase in input costs, output prices rose at the fastest rate in the series history .
"The pick up in price pressures captured in the survey is a particular worry, and likely points to the impact not just of the weakening currency but ongoing disruptions to production and the supply chain," Simon Williams, Chief Economist for the Middle East at HSBC, said. "With the political environment still fraught, my expectations for better numbers in March are low."
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